The holding company of Simmons First National Bank will acquire Bank SNB’s holding company in a $564 million deal, the companies announced Wednesday.
Arkansas-based Simmons First National hopes to complete the acquisition of Stillwater, Okla.-based Southwest Bancorp in the third quarter of 2017.
Under the deal, Southwest CEO and former Wichitan Mark Funke will remain with Simmons First as its Southwest Division president overseeing operations in Oklahoma, Texas, Colorado and Kansas.
Simmons First has $8.2 billion in assets, and Southwest’s assets total $2.47 billion. Both operate bank branches in Wichita.
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