Simmons First National Corporation has finalized its acquisition of Reliance Bancshares.
While the agreement to purchase Reliance was announced in November 2018, the transaction was completed officially on Friday, April 12, 2019. Reliance shareholders had approved the acquisition earlier in April. Simmons acquired Reliance for $172 million.
As part of the acquisition, Reliance Bank has been merged with Simmons Bank. As the surviving institution, Simmons now has roughly $17.6 billion in assets along with over 200 branches in Arkansas, Colorado, Illinois, Kansas, Missouri, Oklahoma, Tennessee and Texas.
“Today we are excited to welcome our new customers and be able to offer them the full suite of Simmons’ financial products and services,” says George A. Makris, Jr., chairman and CEO of Simmons. “By adding over 20 bank branches to our presence in the St. Louis metropolitan area, this merger will strengthen our market share and bring forth additional opportunities for us to better serve this important region, which crosses into Illinois.”
“The Reliance team is looking forward to working with Simmons Bank to build an even stronger franchise and continuing our proud legacy of delivering an exceptional banking experience,” says Thomas H. Brouster, Sr., former chairman of Reliance. “We’re confident that the combination will bring significant opportunities and benefits to all of our customers, employees and the communities we serve.”
Brouster will be serving as an advisor in the St. Louis market following the acquisition.