Simmons First National Bank is making inroads into the Memphis market with the addition of two major players in the local finance scene. The Arkansas-based Simmons announced the acquisitions of Collierville’s Landmark Community Bank and Memphis’ Triumph Bank. The transaction will see the entity become the 9th largest bank in Tennessee.
“Landmark and Triumph are two successful, local community banks who share our philosophy of a strong credit culture, significant community involvement and a passion for delivering excellent customer service,” said George A. Makris, Jr., Simmons’ chairman and CEO. “The opportunity to combine forces with these two institutions also highly complements our existing footprint in Tennessee and enhances our scale in two of our key growth markets – Memphis and Nashville.
“In addition to cultural and geographic synergies, the financial metrics of these mergers are compelling and consistent with our M&A strategy of partnering with high-quality banks within our current footprint that represent an efficient use of our capital and delivers on our commitment of building long-term value for our shareholders. We’re very excited to welcome our newest partners to the Simmons organization.”
Simmons First National Corporation is a $23.3 billion asset holding company. Its subsidiary, Simmons Bank, currently operates 198 financial centers, with 68 in Arkansas, 48 in Missouri, 33 in Tennessee, 23 in Texas, 20 in Oklahoma, and 6 in Kansas. Currently ranked 13th in Tennessee market share, according to S&P Global Market Intelligence data, the bank has a much bigger footprint than Landmark (34th) and Triumph (35th) Simmons expects to close the transaction during the fourth quarter of 2021.
“For years, Triumph Bank has put its clients at the center of its focus, and partnering with Simmons provides our organization with the ability to continue to grow with our clients and meet their changing needs,” said William J. Chase, Jr., Triumph’s president and CEO. “In addition to being able to offer our clients a wider breadth of banking products and services, we will have a greater capacity to lend while continuing to deliver the same excellent customer service and active community involvement.”
“We believe the opportunity to join the Simmons team is very positive for Landmark’s stakeholders,” said James “Jake” Farrell, Landmark’s chairman, president and CEO. “We are excited to become part of the Simmons organization, and we look forward to using Simmons’ resources to strengthen and expand our business while continuing to provide locally focused banking services to our customers. With access to Simmons’ broader array of consumer and commercial products, combined with their leading-edge digital capabilities, we will be able to provide greater benefits to our customers and the communities we serve.”
Landmark and Triumph community banks are the second and third to be acquired by larger entities, following on last week’s news that Tri-State Bank of Memphis would be acquired by New Orleans-based Liberty Bank and Trust Co.
