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Pine Bluff, Ark.-based Simmons First National Corp. ($4.38 billion) announced that it has entered an agreement to acquire Little Rock, Ark.-based Delta Trust & Banking Corp., the parent company of Parkdale, Ark.-based Delta Trust & Bank ($431.4 million), in a transaction valued at approximately $66 million.
According to a March 24 news release, Simmons First will acquire all of the outstanding common stock of Delta Trust, a transaction that is expected to be accretive to Simmons First's diluted earnings per common share for the first 12 months after the transaction closes and thereafter. The transaction value, which is subject to potential adjustments, is based on Simmons First's closing price on March 21.
Subject to potential adjustments, Delta Trust shareholders may elect to receive Simmons First common stock or cash, provided that the...