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Spirit of Texas Bank to acquire 5 Simmons Bank locations in Texas

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Spirit of Texas Bank to acquire 5 Simmons Bank locations in Texas

Conroe, Texas-based Spirit of Texas Bank SSB will acquire four branches and one mortgage loan office from Pine Bluff, Ark.-based Simmons Bank.

The addition of these five locations will increase Spirit of Texas Bank's number of locations to 41 across Texas. The five offices had deposits of about $160 million and loans of about $272 million as of Sept. 30. Financial terms of the deal were not disclosed.

Spirit of Texas Bank is a wholly owned subsidiary of Spirit of Texas Bancshares Inc., and Simmons Bank is a unit of Simmons First National Corp.

Clay Jett, Simmons Bank's regional chairman covering the five locations, will join Spirit of Texas Bank in the same role.

The completion of the transaction, expected in the first quarter of 2020, is subject to receipt of regulatory approval by the Federal Deposit Insurance Corp. and the Texas Department of Savings and Mortgage Lending.

Stephens Inc. served as a financial adviser to Simmons.

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