Simmons First National in Pine Bluff, Ark., has agreed to buy First Texas BHC in Fort Worth.
The $8.4 billion-asset Simmons said in a press release Monday that it will pay $462 million in cash and stock for the $2 billion-asset parent of Southwest Bank. The deal is expected to close in the third quarter.
Southwest has 16 branches, $1.8 billion in loans and $1.5 billion in deposits.
“We now have the opportunity to substantially grow our presence in the Fort Worth metropolitan area by joining with one of the best run, most respected financial organizations in Texas,” George Makris Jr., Simmons’ chairman and CEO, said in the release.
Stephens Inc. and Fenimore, Kay, Harrison & Ford advised First Texas. Mercer Capital Management and Covington & Burling advised Simmons.
The deal comes on the heels of Simmons’ agreement to buy Southwest Bancorp in Stillwater, Okla., for $564 million.