Simmons First in Arkansas Successfully Bids on Metropolitan National

By Paul Davis September 09, 2013, 8:50 p.m. EDT 1 Min Read

M&A

Simmons First in Arkansas Bids on Troubled Bank

Simmons First (SFNC) in Pine Bluff, Ark., has submitted a bid in bankruptcy court in an effort to buy Metropolitan National Bank in Little Rock, Ark.

By Paul Davis

September 5

Simmons First National (SFNC) in Pine Bluff, Ark., had the winning bid to buy Metropolitan National Bank during a bankruptcy auction.

The $3.6 billion-asset company said late Monday that its bid is still subject to approval by a bankruptcy court. The hearing will be held on Thursday.

Metropolitan, a $991 million-asset unit of Rogers Bancshares, is based in Little Rock, Ark. At June 30, the bank had a Tier 1 capital ratio of 6.46% and a total risk-based capital ratio of 11.13%.

Simmons said it will combine Metropolitan's operations into its Simmons First National Bank. The company first disclosed plans to bid on the bank last week.

Paul Davis

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