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Simmons First National (SFNC) in Pine Bluff, Ark., has agreed to buy Liberty Bancshares in Springfield, Mo.
May 28 -
Simmons First National in Pine Bluff, Ark., has agreed to buy Ozark Trust and Investment Corp. in Springfield, Mo.
May 1
Simmons First National in Pine Bluff, Ark., had a convenient "in" as it was looking to
The $7.6 billion-asset Simmons First
Burchfield was a an advisory director at Liberty Bancshares, a Springfield, Mo., bank that Simmons First
Informal discussions between Simmons First and Ozark Trust began in early 2014 between Burchfield and George Makris Jr., Simmons First's chairman and chief executive, lasting throughout much of the year, the filing said.
Simmons and Ozark Trust executed a non-disclosure agreement last February. A number of meetings took place in Springfield and St. Louis as the parties discussed the nuances of a potential deal. Simmons' first offer, submitted in early March, valued Ozark Trust at $20 million, with nearly 75% of the consideration involving common stock.
By April, the companies were ready to announce what turned out to be a $20.7 million deal.