Simmons First National To Acquire Delta Trust & Bank - Quick Facts

(RTTNews) - Simmons First National Corp. (SFNC) announced that it has entered into a definitive agreement and plan of merger with Delta Trust & Banking Corporation, headquartered in Little Rock, Arkansas, including its wholly-owned bank subsidiary Delta Trust & Bank or DTB.

According to the terms of the Agreement, the company said it will acquire all of the outstanding common stock of Delta Trust in a transaction valued at about $66 million, subject to potential adjustments. The transaction is expected to be accretive to the company's diluted earnings per common share for the first twelve months after the transaction closes and thereafter.

Simmons First National said completion of the transaction is expected in the third quarter and upon closing, Delta Trust will merge into the company. In the fourth quarter, the company anticipates merging DTB into Simmons First National Bank, the company's wholly-owned bank subsidiary.

Under the terms of the Agreement, each outstanding share of common stock and equivalents of Delta Trust will be converted, at the election of each Delta Trust shareholder, into the right to receive shares of the company's common stock or the right to receive cash, all subject to certain conditions and potential adjustments, provided that the cash portion of the merger consideration paid to Delta Trust shareholders will be limited to approximately $10.0 million.