Landmark Bank will soon have a new owner. Arkansas-based Simmons First National Corporation announced an agreement that would see it merge with The Landrum Company, parent company of Landmark Bank.
A news release about the merger noted that Landrum had $3.3 billion in assets as of June 30, with $2.1 and $3 billion in loans across 39 bank branches.
“We consider ourselves very fortunate to be able to engage in this transaction with The Landrum Company,” Simmons chairman and CEO George A. Makris, Jr. said in the release. “With over $3 billion of assets and locations throughout Missouri, Oklahoma, and Texas, Landmark Bank will fit in our organization perfectly.”
The merger is expected to be completed during the fourth quarter of 2019 following the approval by shareholders and regulatory approvals. Landmark Bank is expected to continue operations as a bank subsidiary until it can be merged into Simmons Bank.
As a part of the agreement, Landrum shareholders will be compensated with the right to receive Simmons stock based on the type of stock owned.
When asked for comment on how the merger would affect local customers, Landmark Bank representatives in Sherman referred back to the press release and said there would be no additional comments made Wednesday.
“We at Landmark Bank are extremely excited about the opportunity to join forces with Simmons,” Landrum President and CEO Kevin Gibbens said in the news release. “Simmons has grown to become an impressive regional bank known for successfully integrating its merger partners into its enterprise, and that gives me great confidence in our combined future.
“Through this transaction, we will be able to take advantage of Simmons’ size and scale to provide our customers with additional products and services, as well as greater lending capabilities. I am convinced that this strategic transaction represents the best path forward for our customers, associates, and shareholders alike.”