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Financial Advisor

Spirit of Texas Bancshares, Inc.

$581 Million 11/19/2021 Depository Complete
Public Companies
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Transaction Details

  • On November 19, 2021, Spirit of Texas Bancshares, Inc. (NASDAQ: STXB) and Simmons First National Corporation (NASDAQ: SFNC) announced the execution of a definitive merger agreement pursuant to which Simmons will acquire Spirit, and its wholly-owned subsidiary, Spirit of Texas Bank SSB
  • Simmons will issue approximately 18,325,000 shares of its common stock, subject to certain conditions and potential adjustments, including substituting cash for Simmons’ common stock to the extent necessary to cash out Spirit’s stock options and warrants
    • Aggregate value of approximately $581 million, based on the Simmons’ closing stock price of $31.73 on November 17, 2021
  • Transaction will significantly enhance Simmons’ scale in the Lone Star State; complement existing footprint while expanding into high-growth metro markets - Austin, Houston, San Antonio, Corpus Christi and Bryan-College Station
  • Dean Bass, STXB Chairman & CEO, will retire at closing to join SFNC and Simmons Bank boards as an independent director. David McGuire, STXB President and Chief Lending Officer, to join Simmons Bank as key Texas executive

About the company

Spirit of Texas Bancshares, Inc.
Spirit of Texas Bancshares, Inc. (NASDAQ: STXB), through its wholly-owned subsidiary, Spirit of Texas Bank SSB (the "Bank"), provides a wide range of relationship-driven commercial banking products and services tailored to meet the needs of businesses, professionals, and individuals. The Bank has 37 locations in the Houston, Dallas/Fort Worth, Bryan/College Station, Austin, San Antonio-New Braunfels, Corpus Christi, Austin, and Tyler metropolitan areas, along with offices in North Central and South Texas. Please visit www.sotb.com for more information.

Simmons First National Corporation
Simmons First National Corporation (NASDAQ: SFNC) is a Mid-South-based financial holding company whose principal subsidiary, Simmons Bank, operates more than 200 financial centers in Arkansas, Missouri, Tennessee, Texas, Oklahoma, and Kansas. Founded in 1903, Simmons Bank offers comprehensive financial solutions delivered with a client-centric approach. Simmons Bank was named to Forbes’ list of “World’s Best Banks” for the second consecutive year and ranked among the top 30 banks in Forbes’ list of “America’s Best Banks” for 2021. Additional information about Simmons and Simmons Bank can be found on our website at simmonsbank.com, by following @Simmons_Bank on Twitter, or by visiting our newsroom.

Sources: Company Investor Presentation and Company Press Release
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