Brief: Simmons First National Corp And Spirit Of Texas Bancshares Announce Intent To Merge

Simmons First National

19/11/2021 13:07

Nov 19 (Reuters) - Spirit of Texas Bancshares Inc  STXB.O :
    * PRESS RELEASE - SIMMONS FIRST NATIONAL CORPORATION AND
SPIRIT OF
TEXAS BANCSHARES, INC. ANNOUNCE INTENT TO MERGE
    * SPIRIT OF TEXAS BANCSHARES INC - DEAL CONSISTING OF A
MIXTURE OF
CASH AND SIMMONS' COMMON STOCK WITH AN AGGREGATE VALUE OF
APPROXIMATELY $581 MILLION
    * SPIRIT OF TEXAS BANCSHARES INC - SIMMONS WILL ISSUE ABOUT
18.33
MILLION SHARES
    * SPIRIT OF TEXAS BANCSHARES INC - PROPOSED TRANSACTION IS
ESTIMATED TO BE ACCRETIVE TO SIMMONS' EPS BY ABOUT $0.22 PER
SHARE
    * SPIRIT OF TEXAS BANCSHARES - SIMMONS EXPECTS TO ACHIEVE
COST
SAVINGS OF ABOUT 35% OF SPIRIT'S NONINTEREST EXPENSE BASE, WITH
ABOUT 50% ACHIEVED IN 2022, 100% THEREAFTER

Source text for Eikon:  ID:nGNXbNjs1Z 
Further company coverage:  STXB.O 

 ((Reuters.Briefs@thomsonreuters.com;))