Simmons First To Acquire Liberty Bancshares For $206.9 Mln - Quick Facts

(RTTNews) - Simmons First National Corp. (SFNC) Wednesday said that it would acquire Liberty Bancshares, Inc. in an all-stock transaction for nearly $206.9 million. The transaction is expected to be immediately accretive to the company's core earnings per common share.

Under the agreement, each outstanding share of common stock and equivalents of Liberty will be converted into the right to receive shares of the company's common stock. The number of shares to be issued is fixed with an exchange ratio of one share of SFNC stock for each share of Liberty stock.

Commenting on the deal, George Makris, Jr.,Simmons First Chairman and CEO said: "Liberty's expertise in Small Business lending will enhance our commercial offerings throughout our geographies and will further establish Simmons as a premier community banking organization."

The acquisition, which is expected to close in the fourth quarter of 2014, is subject to certain closing conditions, including approval by the shareholders of both Liberty and the Company and customary regulatory approvals.

On completion, Liberty will merge into Simmons First National.