Simmons First National (SFNC) in Pine Bluff, Ark., must sell one branch as part of its acquisition of Delta Trust & Banking in Little Rock, Ark.
The $4.4 billion-asset company disclosed in a regulatory filing Wednesday that the Federal Reserve Board approved its purchase of the $431 million-asset Delta. As part of the approval, Simmons First agreed to sell a Delta Trust branch in Eudora, Ark.
Simmons First said it has reached an agreement to sell the branch to an unnamed bank. The branch sale will take place within 180 days of the deal's completion, the filing said.
Simmons First agreed to pay $66 million in March for Delta Banking. The company said in its filing Wednesday that it expects to complete the Delta Banking purchase soon after the seller's meet during the third quarter.