Simmons First National (SFNC) in Pine Bluff, Ark., had the winning bid to buy Metropolitan National Bank during a bankruptcy auction.
The $3.6 billion-asset company said late Monday that its bid is still subject to approval by a bankruptcy court. The hearing will be held on Thursday.
Metropolitan, a $991 million-asset unit of Rogers Bancshares, is based in Little Rock, Ark. At June 30, the bank had a Tier 1 capital ratio of 6.46% and a total risk-based capital ratio of 11.13%.
Simmons said it will combine Metropolitan's operations into its Simmons First National Bank. The company first disclosed plans to bid on the bank last week.