Spirit of Texas Bank merging with Arkansas-based corporation in $581 million deal

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Nov. 19, 2021Updated: Nov. 19, 2021 2:36 p.m.

An Arkansas slope volition bargain up the Conroe, Texas-based bank.

A projected merger volition person Spirit of Texas Bank, which has 2 locations successful San Antonio, absorbed into an Arkansas-based bank.

Simmons First National Corporation, proprietor of Simmons Bank volition execute an statement to get Spirit of Texas Bancshares and its assets, the companies announced connected Friday, November 19.

The acquisition volition beryllium valued astatine $581 cardinal erstwhile the woody closes immoderate clip adjacent year.

Along with its San Antonio banks, Spirit of Texas has 37 full locations crossed Dallas-Fort Worth, Houston, Austin, Bryan-College Station, Corpus Christi, and Tyler. Simmons has 209 banks crossed the U.S.

Spirit had full assets of $3.2 billion, full loans of $2.3 cardinal and full deposits of $2.7 cardinal arsenic of September 30, 2021. Simmons had $25.1 cardinal successful assets.

"Strengthening our Texas franchise has been a strategical precedence and to spouse with Spirit not lone enhances our existent footprint, but besides establishes a level for maturation successful Houston, Austin, San Antonio and College Station," says Simmons president and CEO George Makris Jr. successful the quality release.

Simmons besides acquired Tennessee-based Landmark Community Bank and Triumph Bancshares Inc. successful October.

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