Type of Govt Assisted Transaction:Purchase/ Assumption
Announcement Date
10/15/2010
Date Placed in Conservatorship
10/15/2010
Estimated Cost to Reg Agency ($000)
90,190
Cost to Reg Agency/ Deposits (%)
22.72
Cost to Reg Agency/ Assets (%)
17.74
Assets Sold/ Assets (%)
84.19
Deal Summary
Pine Bluff, Ark.-based Simmons First National Corporation unit Simmons First National Bank has agreed to assume all of the deposits and to purchase certain assets of Olathe, Kan.-based Security Savings Bank, FSB. Security Savings Bank had total core deposits of approximately $378.1 million as of June 30, 2010. Security Savings Bank, FSB is the 130th FDIC-insured institution to fail in the nation this year, and the second in Kansas.
Deal Ratios
Franchise Premium/ Deposits (%)
0.00
Deal Terms
Description of Consideration
Simmons First National Corporation did not pay any premium to the FDIC to assume all of the deposits of Security Savings Bank, FSB. Simmons First National Corporation also purchased certain assets of the failed bank at a certain discount.
Simmons First | Investor Relations
