Washington, D.C. – Olsen Palmer is pleased to announce that First South Bank (“FSB”) and its parent Hardeman County Investment Company, Inc. (“HCIC”) have been acquired by Simmons First National Corporation (“Simmons”).
Under the terms of the agreement, which was originally entered into by both parties on November 17, 2016, each share of HCIC stock was exchanged for 4.8393 shares of Simmons stock and $181.47 in cash for consideration valued at approximately $76.5 million at the time of the agreement.
The transaction builds on the acquirer’s existing branch presence and complementary business lines including traditional banking, mortgage banking, wealth management and trust, and insurance.
Founded in 1903, First South Bank has total assets of $462 million and operates 10 branches across 4 Tennessee counties. Simmons (NASDAQ: SFNC) is a financial holding company, headquartered in Pine Bluff, Arkansas, with total assets of $8.2 billion and locations in Arkansas, Kansas, Missouri and Tennessee.
Olsen Palmer LLC served as exclusive financial advisor and issued a Fairness Opinion to HCIC. Olsen Palmer has now advised on over $600 million in total bank M&A transaction value over the past thirty-six months.
Download Transaction Announcement (PDF)
About Olsen Palmer LLC
Olsen || Palmer is an independent investment banking firm that exclusively advises banks and other financial institutions across the spectrum of Mergers & Acquisitions. By design, advising clients is our only business allowing a truly independent, client-centric approach: nimble, high-touch, and conflict-free.
Specializing in buy-side M&A advisory, sell-side M&A advisory, valuations, fairness opinions, branch acquisitions and divestitures, and Board-level assessments of strategic options.
For more information, please visit www.OlsenPalmer.com.