PINE BLUFF, Ark. (AP) — Pine Bluff-based Simmons First National Corp. says it has an agreement to acquire Community First Bancshares Inc. of Union City, Tennessee, in a transaction worth $243 million.
Simmons First said Tuesday that it will acquire all outstanding shares of Community First common stock.
Simmons Chairman and CEO George A. Makris Jr. says the bank is undergoing an expansion and that acquiring Community First fits with its strategy. The move gives Simmons First access to the Nashville, Tennessee, market.
Community First has assets of $1.9 billion, loans of $1.1 billion and deposits of $1.6 billion.
In March, Simmons First acquired Little Rock-based Delta Trust & Banking Corp. for in a $66 million merger.
Simmons First has operations across Arkansas and in Missouri and Kansas.