Arkansas-based Simmons First National has reached separate agreements to acquire the Collierville-based Landmark Community Bank and Memphis-based Triumph Bancshares.

The Pine Bluff-based Simmons First National announced Monday, June 7, that the acquisitions would make Simmons Tennessee’s ninth largest bank based on deposit market share.

The acquisitions also raise Simmons from 35th to the sixth-largest bank in Memphis, and raise the bank from 15th to 20th largest in Nashville, according to the Simmons press release.

Deposits in Memphis banks soar 23% from a year ago

The proposed transactions, which await approval of shareholders and regulators, will pay a mix of cash and Simmons stock valued at $146.3 million to Landmark, and $131.6 million to Triumph.

The cash exchanged in the deals will go primarily to option-holders at Landmark and Triumph.

Simmons expects to complete the acquisitions during the last three months of this year.

Simmons now counts $23.3 billion in assets, so the addition of Landmark’s $1 billion and Triumph’s $900 million would raise Simmons’ assets to $25.2 billion.

Simmons has 198 bank branches now. Adding Landmark’s eight branches and Triumph’s six branches will give Simmons 212 bank branches.

Simmons has $18.2 billion in deposits now. Adding Landmark’s $800 million and $Triumph’s $800 million would increase Simmons’ deposits to $19.8 billion.

 Simmons executives expect to achieve cost savings of about 40 percent of Landmark’s and Triumph’s combined operating, noninterest expense base through “operational and administrative efficiency improvements,” the release states.

“Landmark and Triumph are two successful, local community banks who share our philosophy of a strong credit culture, significant community involvement and a passion for delivering excellent customer service,” George A. Makris, Jr., Simmons’ chairman and chief executive, said in a prepared statement.

“The opportunity to combine forces with these two institutions also highly complements our existing footprint in Tennessee and enhances our scale in two of our key growth markets – Memphis and Nashville.

“In addition to cultural and geographic synergies, the financial metrics of these mergers are compelling and consistent with our (merger and acquisition) strategy of partnering with high-quality banks within our current footprint that represent an efficient use of our capital and delivers on our commitment of building long-term value for our shareholders,” Makris said.

James “Jake” Farrell, Landmark’s chairman, president and chief executive, said the opportunity to be acquired by Simmons is positive for Landmark’s shareholders.

“… We look forward to using Simmons’ resources to strengthen and expand our business while continuing to provide locally focused banking services to our customers,” Farrell said in a release. “With access to Simmons’ broader array of consumer and commercial products, combined with their leading-edge digital capabilities, we will be able to provide greater benefits to our customers and the communities we serve.”

Joining Simmons provides Triumph Bank more banking products and services, Triumph president and chief executive William J. Chase Jr. said in a release. “In addition to being able to offer our clients a wider breadth of banking products and services, we will have a greater capacity to lend while continuing to deliver the same excellent customer service and active community involvement,” he said.