Landmark Bank, Texas County’s largest banking organization, was sold last week to Pine Bluff, Ark.-based Simmons First National Corp.
Based in Columbia, Landmark Bank parent company, The Landrum Company, has more than $3 billion in assets and 39 locations in Missouri, Oklahoma and Texas. Those include Houston, Licking and Cabool. Simmons First National, parent of Simmons Bank, has $17.6 billion in assets and more than 200 locations in Arkansas, Colorado, Illinois, Kansas, Missouri, Oklahoma, Tennessee and Texas.
The deal is valued at $434 million in Simmons Bank stock.
Landrum Company CEO Kevin Gibbens said the scale of Simmons Bank’s size will allow the combined company to offer better financial products for Landmark Bank customers.
“Simmons has grown to become an impressive regional bank known for successfully integrating its merger partners into its enterprise,” Gibbens said in a news release. “That gives me great confidence in our combined future.”
The transaction will present both companies with the best path for customers, shareholders and associates, he said.
Five years ago, Simmons Bank was the size of Landmark Bank. Before the purchase, Simmons Bank had Missouri locations in St. Louis, Springfield and other parts of southwest Missouri. Like Landmark Bank, Simmons Bank has small town roots.
“None of the other markets currently overlap,” said George Markris, Simmons CEO and chairman, who visited in south-central Missouri last week. “It was a really nice complement to our geographic footprint.”
The deal marks the second Simmons Bank acquisition this year in Missouri. In the second quarter, Simmons Bank completed a $214 million cash and stock deal with St. Louis-based Reliance Bancshares.
During the fourth quarter of this year the two parent companies, the Landrum Company and Simmons First National, will merge. At that point, Landmark Bank will operate as a subsidiary of Simmons Bank until the two banks complete their merger, Simmons officials said.
In south-central Missouri, Landmark Bank also operates in Mountain View, Birch Tree, Willow Springs and West Plains.