Simmons First National has agreed to acquire Tennessee-based Citizens National Bank (CNB) in a cash-stock deal worth about $77m.

Under the terms of the deal, Simmons will purchase all of the outstanding common stock of CNB. Till it is merged into Simmons Bank, CNB will operate as a separate bank subsidiary of Simmons for an interim period.

Subject to shareholders and regulatory approvals, the deal is expected to close in the fourth quarter of 2016.

Simmons chairman and CEO George Makris, Jr. said: "We are pleased to welcome the customers and associates of Citizens National Bank to the Simmons family. As we continue to expand our community banking strategy, it is important that we find partners that have common goals, experience, culture and reputations as excellent corporate citizens.

"CNB certainly fits that mold. The leadership of CNB throughout its 108 years has built a franchise focused on meeting the financial service needs of its customers in the markets it serves. We value that legacy and plan to continue to provide historical levels of quality customer service."