Type of Govt Assisted Transaction:Purchase/ Assumption
Announcement Date
5/14/2010
Date Placed in Conservatorship
5/14/2010
Estimated Cost to Reg Agency ($000)
29,370
Cost to Reg Agency/ Deposits (%)
30.17
Cost to Reg Agency/ Assets (%)
30.22
Assets Sold/ Assets (%)
98.40
Deal Summary
Pine Bluff, Ark.-based Simmons First National Corporation unit Simmons First National Bank has agreed to assume all the deposits and to purchase certain assets of Springfield, Mo.-based Southwest Community Bank. Southwest Community Bank had total core deposits of approximately $47.6 million as of March 31, 2010. Southwest Community Bank is the 71st FDIC-insured institution to fail in the nation this year, and the fourth in Missouri.
Deal Ratios
Franchise Premium/ Deposits (%)
0.50
Deal Terms
Description of Consideration
Simmons First National Corporation paid the FDIC a premium of 0.50% for all non-brokered deposits of Southwest Community Bank. Simmons First National Corp. also purchased certain assets of the failed bank at a certain discount.
Simmons First | Investor Relations
