Simmons First National Corp. has agreed to acquire Des Peres-based Reliance Bancshares, the parent company of Reliance Bank.
Simmons, which is based in Pine Bluff, Arkansas and operates Simmons Bank, is acquiring Reliance for $62.7 million in cash and 4 million shares of common stock, currently worth about $42 million, according to a press release.
As of Sept. 30, Reliance had 22 branches, all in the St. Louis area, and $1.5 billion in assets, according to the release.
“By adding Reliance Bank’s 20-plus branches to the Simmons Bank footprint, we will substantially enhance our retail presence within the St. Louis market, where we’ve already seen success in our commercial lending efforts,” George A. Makris, Jr., Simmons’ chairman and CEO, said in a the release.
The deal is expected to close in the second quarter of 2019, according to the companies.