The holding company of Simmons First National Bank plans to acquire a $1.9 billion Tennessee bank.
That’s according to a filing with the Federal Reserve Bank of St. Louis that Simmons First National Corp. made public Wednesday morning.
The filing said the Pine Bluff, Ark., company will acquire Community First Bancshares of Union City, Tenn., and its subsidiary bank, First State Bank.
First State Bank operates 32 offices in Tennessee, the filing said.
The deal is valued at $247 million.
Simmons First National Corp., which has $4.4 billion in assets, said in the filing it plans to operate Community First and its First State Bank subsidiary as a separate entity until an anticipated conversion in September 2015.
Simmons First National Bank operates branches in east and west Wichita.