Arkansas-based Simmons First National Corp. has announced plans to purchase Tennessee-based Citizens National Bancorp Inc. in a $77 million deal.
Simmons said in a news release Wednesday that the purchase includes 835,741 shares of Simmons common stock and $40.3 million in cash.
CNB operates nine financial centers in eastern Tennessee with assets of $552 million, loans of $352 million, deposits of $473 million and trust assets of $217 million.
Simmons is a financial holding company headquartered in Pine Bluff with total assets of almost $7.6 billion and operations in Arkansas, Kansas, Missouri and Tennessee.
The sale is expected to be completed during the fourth quarter of the year pending closing conditions that include approval by the shareholders of Citizens and customary regulatory approvals.