Simmons First National Corp. in Pine Bluff, Ark., is planning to add another community bank to its roster.
The $1.5 billion-asset company, which owns eight banks in Arkansas, said Monday that it would buy NBC Bank Corp. in El Dorado, Ark., for about $25 million in stock. The deal, expected to close in the third quarter, would extend Simmons' reach into south central Arkansas.
"This partnership allows us to fill a geographical void that we currently have in our efforts to establish community banks throughout Arkansas," said John F. Dews, Simmons' chairman, president, and chief executive officer.
NBC, with $147 million of assets, is the parent of National Bank of Commerce. The bank would retain its name, employees, and board of directors.