Simmons First acquires failed, St. Louis-area bank

Simmons First National Bank acquired a failed St. Louis area bank over the weekend.

The Pine Bluff, Ark.-based bank said it acquired the $282-million-asset Truman Bank, which operated four branches in the St. Louis area.

Simmons First said it entered into a purchase and assumption agreement with the Federal Deposit Insurance Corp. for $219 million of Truman’s assets, at a discount of $20.9 million. The agreement provides that Simmons First will assume nearly all of Truman’s deposits and other liabilities.

“This acquisition is the third of several that we anticipate making over the next several years, which is the reason we raised $70.5 million in additional capital in November 2009,” said J. Thomas May, Simmons First chairman and CEO, in a news release.

In 2010 Simmons First entered Wichita through the acquisition of the failed Security Savings Bank, based in Olathe. Security Savings had nine branches in Kansas, including two in Wichita. May said in the release that the acquisition of Truman — which was closed Friday by Missouri bank regulators — was part of the same strategy it used to acquire Security Savings.

Simmons First National Bank is owned by Simmons First National Corp., a $3.6 billion, eight-bank holding company with 92 offices.