On May 18, 2016, Simmons First National Corporation (“Simmons”) entered into a stock purchase agreement (“Agreement”) with Athens, Tennessee-based Citizens National Bancorp, Inc. (“Citizens”) and Citizens National Bank (“CNB”). Under the terms of the Agreement Simmons will acquire CNB from Citizens for 835,741 shares of Simmons’ common stock and $40.3 million in cash. Immediately prior to consummation of the purchase CNB will pay a $3.0 million special cash dividend to Citizens. Mercer Capital served as a financial advisor to Citizens and rendered a fairness opinion as part of its advisory service.
Paul Willson, CEO and Chairman of Citizens, said, “We have worked with Mercer Capital for a number of years and Jeff Davis the past several years. Our Board and I appreciate their thoughtful insight about shareholder value creation, the banking industry, and the public and M&A markets for banks.”
The transaction is expected to be consummated during the fourth quarter of 2016.
For additional information, please contact:
Jeff K. Davis, CFA
Managing Director – Financial Institutions Group
Andrew K. Gibbs, CFA, CPA/ABV
Senior Vice President – Depository Institutions