Simmons First National has agreed to acquire First Texas BHC, the parent of Southwest Bank, in a deal worth about $462m.

Under the terms of the merger deal, shareholders and other equity rights holders of First Texas will receive 6,500,000 shares of Simmons common stock and $70m in cash.

The deal is slated to be concluded during the third quarter of 2017, subject to shareholders’ and regulatory approvals.

Simmons chairman and CEO George Makris, Jr. said: “We now have the opportunity to substantially grow our presence in the Fort Worth metropolitan area by joining with one of the best run, most respected financial organizations in Texas.”

Following the completion of the deal, Southwest will continue to operate as a separate bank subsidiary of Simmons for an interim period before being merged into Simmons Bank.

“The Southwest Bank brand itself is very well known and respected, and represents a legacy of quality banking service.  Because of that legacy, we will retain the Southwest Bank brand,” Makris, Jr. added.

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