Simmons First to donate Ark. branch as part of separate acquisition
07/07/2014 9:54 AM
07/07/2014 9:55 AM
The holding company of Simmons First National Bank said it will donate to another institution one of the branches it is picking up in an acquisition.
Simmons First National Corp. said it will donate the Eudora, Ark., branch of Delta Trust & Bank. Simmons First announced March 24 its acquisition of Delta Trust, which has nine Arkansas branches.
Simmons First, in a news release Monday, said that because of federal regulations and the significant market share it already holds in the Eudora area, it would be unable to operate the Eudora branch under current federal regulations.
The Eudora branch will be donated to Southern Bancorp Bank, a community development financial institution that focuses on economic and development needs of rural communities.
Simmons First said it expects the donation to Southern Bancorp to be completed in October.
Simmons First, based in Little Rock, operates two branches in Wichita.
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