Type of Govt Assisted Transaction:Purchase/ Assumption
Date Placed in Conservatorship
Estimated Cost to Reg Agency ($000)
Cost to Reg Agency/ Deposits (%)
Cost to Reg Agency/ Assets (%)
Assets Sold/ Assets (%)
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.
Franchise Premium/ Deposits (%)
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.