UNTIED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Exchange Act of 1934
Date of Report (Date of earliest event reported) August 25, 1998
SIMMONS FIRST NATIONAL CORPORATION
(Exact name of registrant as specified in its charter)
Arkansas 0-6253 71-0407808
(State or other jurisdiction of (Commission (I.R.S. employer
incorporation or organization) file number) identification No.)
501 Main Street, Pine Bluff, Arkansas 71601
(Address of principal executive offices) (Zip Code)
(870) 541-1000
(Registrant's telephone number, including area code)
ITEM 5. OTHER EVENTS.
The following is the text of a press release issued by the registrant
at 3:05 P.M. Central Standard Time on August 25, 1998:
FOR RELEASE: Tuesday, August 25, 1998
SIMMONS FIRST ANNOUNCES ACQUISITION IN NW ARKANSAS
Pine Bluff, AR -- J. Thomas May, president, chairman and chief
executive officer of Simmons First National Corporation (SFNC) and Loyd R.
Swope, chairman and chief executive officer of Lincoln Bancshares, Inc. (LBI),
announce the execution of a definitive agreement under the terms of which LBI
will be merged into Simmons First National Corporation. Stockholders of LBI will
receive 301,833 shares of SFNC stock in exchange for LBI shares in the
transaction.
Approximately $475,000 in merger related costs and a $200,000 charge to
align the companies' reserve policies are anticipated in connection with the
transaction. SFNC anticipates the transaction will be modestly accretive to
earnings during 1999.
The transaction is subject to regulatory approval from the Board of
Governors of the Federal Reserve System, Arkansas State Banking Department and
the Office of the Comptroller of the Currency. The regulatory applications are
expected to be made within 30 days and the approval of shareholders of LBI will
be sought in the fourth quarter of 1998. The transaction is expected to close in
early 1999.
LBI owns Bank of Lincoln, Lincoln, Arkansas with consolidated assets,
as of June 30, 1998, of $73 million. As a part of the transaction Bank of
Lincoln, with banking offices in Lincoln and Prairie Grove, will be merged into
Simmons First Bank of Northwest Arkansas during early 1999.
SFNC presently owns seven banks in Arkansas, conducting banking
operations from 40 offices in 21 communities, with consolidated assets of $1.3
billion, as of June 30, 1998. Recently SFNC announced a definitive agreement to
purchase American State Bank, Charleston, Arkansas, with offices in Charleston,
Fort Smith, Altus and Ozark. After completion of both these transactions, SFNC
will conduct banking operations from 47 offices in 26 communities in Arkansas.
Commenting on the proposed merger, May stated, "We are excited about
having Bank of Lincoln as a member of the Simmons First family. Coincidentally,
Bank of Lincoln was charted in 1903, the same year Simmons First National Bank
opened its doors for business. Loyd Swope and his associates have developed an
exceptional community banking philosophy, which is consistent with that of
Simmons First National Corporation. The Bank of Lincoln is a well managed
institution and one of the most profitable in Northwest Arkansas. Combining the
resources will be good for customers and shareholders of both institutions.
Swope noted, "We are pleased with this merger because it offers our
customers in Lincoln and Prairie Grove the benefits of technology that only
larger institutions can afford."
FOR MORE INFORMATION CONTACT:
J. Thomas May
Chairman, President & Chief Executive Officer
Simmons First National Corporation
(870) 541-1103
Loyd R. Swope
Chairman & President
Lincoln Bancshares, Inc.
(501) 824-3232
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
SIMMONS FIRST NATIONAL CORPORATION
Date: August 25, 1998 /s/ J. Thomas May
--------------------- --------------------------------
J. Thomas May, Chairman, President &
Chief Executive Officer