Arkansas-based mostly financial institution to accumulate Oklahoma's Southwest Bancorp

PINE BLUFF, Ark. (AP) – Arkansas-based mostly Simmons First Nationwide Corp. has introduced plans to purchase an Oklahoma financial institution in a deal valued at greater than $564 million.

Simmons, which is predicated in Pine Bluff, introduced Wednesday that it’ll buy Southwest Bancorp, Inc. of Stillwater, Oklahoma. Southwest Bancorp is the dad or mum firm of Financial institution SNB, which has 31 branches in 4 states.

Simmons says the deal is predicted to shut through the third quarter of 2017. Simmons’ chairman and CEO, George Makris, Jr., says the acquisition permits Simmons to enter new markets in Oklahoma, Texas and Colorado.

Southwest Bancorp has almost $1.9 billion in loans and $1.ninety five billion in deposits.

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