Banking

Simmons First agrees to acquire Tennessee bank

The holding company for Simmons First National Bank on Wednesday announced a stock purchase agreement to buy Citizens National Bank of Athens, Tenn.

Under terms of the deal, Simmons First National Corp. will acquire all outstanding Citizens National stock in a transaction valued at about $77 million, according to a news release.

Citizens National operates nine branches in eastern Tennessee and has assets of $552 million, loans totaling $352 million and deposits of $473 million, the release said.

Completion of the acquisition is expected in the fourth quarter of 2016 and is subject to certain conditions, including approval by the shareholders of Citizens National and regulatory approvals.

Simmons First National Corp. claims assets of $7.6 billion and conducts financial operations in Arkansas, Kansas, Missouri and Tennessee. Simmons First has two Wichita locations.

Bryan Horwath: 316-269-6708, @bryan_horwath

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