Simmons First buys the other Metropolitan National Bank

Eric Olson, SBJ EditorPine Bluff, Ark.-based Simmons First National Corp. (Nasdaq-GS: SFNC) yesterday received federal approval to buy Metropolitan National Bank – but not that Metropolitan National Bank.

The southwest Missouri-based Metropolitan National Bank is not part of the news in this headline. We got at least one call into the newsroom thinking the Missouri institution was being acquired. Not so.

Simmons First is buying out the stock of a fellow Arkansas financial institution by the same name. A U.S. Bankruptcy Court judge yesterday approved Simmons First’s $53.6 million bid for Little Rock, Ark.-based Metropolitan National Bank. The financial offer was made earlier this week in a rare bank auction at a hotel in North Little Rock, according to Arkansas Business, which reported Arvest Bank and Ford Financial Fund II also submitted bids.

Pending full regulatory approvals, the transaction between the Arkansas banks is expected to close in the fourth quarter.

It’s not a stretch to think the local bank was in the mix, given Simmons First does operate a Springfield branch and the way it entered the market.

In 2010, Simmons First took over the assets of failing Southwest Community Bank. In the deal, Simmons First agreed to pay the Federal Deposit Insurance Corp. a premium of 0.5 percent to assume $102.5 million in total deposits.

Bank officials said at the time they were drawn to the Springfield market’s good mix of industries, citing the hospitals, universities and corporations such as Bass Pro Shops Inc. and BKD LLP.

Same name, different bank

The southwest Missouri-based bank’s logo

The southwest Missouri-based bank’s logo

The Little Rock, Ark.-based bank's logo

The Little Rock, Ark.-based bank’s logo

 

 

 

 

Bank names with no affiliation are known to be shared across state lines.
There is a Guaranty Bancshares Inc. in Texas.

As well, a Liberty Bank operates in Arkansas, and it is in the middle of a transaction of its own. According to Arkansas Business, Conway, Ark.-based HomeBancShares Inc. signed a deal this summer to acquire Jonesboro, Ark.-based Liberty Bancshares Inc. for $280 million, the largest in-state bank transaction in Arkansas history.

Advertisements

0 Responses to “Simmons First buys the other Metropolitan National Bank”



  1. Leave a Comment

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s




RSS Latest Headlines from SBJ.net

  • An error has occurred; the feed is probably down. Try again later.

SBJ Tweets

Archived Blog Posts

All content © 2008 SBJ Publishing Inc.

*The newsroom blog of Springfield Business Journal
Advertisements

%d bloggers like this: