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ITEM 5. OTHER EVENTS
The
following is the text of a press release issued by the registrant at 4:35 P.M. Central
Standard Time on September 8, 2003.
SIMMONS FIRST REACHES
AGREEMENT TO ACQUIRE NINE ARKANSAS
BRANCHES FROM UNION
PLANTERS BANK, N.A.
Pine
Bluff, AR –Simmons First National Corporation (NASDAQ NM: SFNC) today announced the
execution of a definitive agreement to purchase nine branch banking locations from Union
Planters Bank, N.A. (NYSE: UPC) according to J. Thomas May, chairman, and chief executive
officer of Simmons First and Levon Mathews, president of the Tri-State Region of Union
Planters Bank.
Six
locations in North Central Arkansas include Clinton, Marshall, Mountain View, Fairfield
Bay, Leslie and Bee Branch. Three locations in Northeast Arkansas communities include
Hardy, Cherokee Village and Mammoth Spring.
The
nine locations have combined deposits of $140 million with estimated acquired assets of
$126 million including selected loans, premises, cash and other assets.
“We
are excited about this opportunity to expand our services in Arkansas,” said May.
“These acquisitions reflect the vision of Simmons First to provide our customers
statewide access and significantly enhance our ability to meet that goal. With these
purchases, Simmons First will have 73 financial centers serving our customers in 43
communities throughout Arkansas.”
May
continued, “Simmons First’s emphasis on local decision making, quality customer
service, competitive products and convenience are the cornerstones of our community
banking philosophy. It is our intent that the same friendly associates who have served
these local communities will remain as part of the Simmons First team.”
“We
look forward to focusing on our other Arkansas markets,” said Mathews. “We will
continue our banking operations in Bono, Earle, Forrest City, Jonesboro, Marion, Newport,
Osceola, Paragould, Rector, Weiner and West Memphis. We are pleased that a quality
organization like Simmons First is the purchaser of the nine branches and we feel that our
customers and employees will be in good hands.”
The
transaction is subject to regulatory approval and is expected to close during the fourth
quarter of 2003.
Simmons
First National Corporation is a $2 billion financial holding company with community banks
in Pine Bluff, Jonesboro, Lake Village, Rogers, Russellville, Searcy and El Dorado,
Arkansas. Founded in 1903, the Company’s seven banks will conduct financial
operations from 73 offices in 43 communities once this acquisition is completed.
Union
Planters Corporation, the largest bank holding company headquartered in Tennessee and
among the 30 largest bank holding companies based in the United States, has consolidated
assets of $35 billion at June 30, 2003. Union Planters Bank, N.A., the principal banking
subsidiary, operates 733 banking offices and 942 ATMs in Alabama, Arkansas, Florida,
Illinois, Indiana, Iowa, Kentucky, Louisiana, Mississippi, Missouri, Tennessee and Texas.
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