Simmons First National Corp. (SFNC) announced, through its wholly-owned bank subsidiary, Simmons First National Bank or SFNB, that it has expanded into the St. Louis, Missouri market by acquiring about $282 million in assets of Truman Bank of St. Louis from the Federal Deposit Insurance Corporation or FDIC.
Truman Bank was closed today by the Missouri Division of Finance, which appointed the FDIC as receiver, the company said.
Of the $282 million in assets acquired, SFNB has entered into a purchase and assumption agreement with the FDIC to purchase $219 million in assets and assume substantially all of the deposits and other liabilities, at a discount of $20.9 million and no deposit premium.
The remaining $63 million in assets acquired were through a loan sale agreement with the FDIC, at a 12% discount, the bank said.
Further, as part of the purchase and assumption agreement, the FDIC and SFNB have entered into a loss share agreement covering approximately $118 million in loans and other real estate.
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