Covington Represents Simmons First National in $581M Merger

Covington Represents Simmons First National in $581M Merger

November 19, 2021

WASHINGTON—Covington advised Simmons First National Corporation in its execution of a definitive merger agreement pursuant to which Simmons will acquire Spirit of Texas Bancshares, Inc. and its wholly-owned subsidiary, Spirit of Texas Bank SSB, in a transaction consisting of a mixture of cash and Simmons’ common stock with an aggregate value of approximately $581 million, based on the Simmons’ closing stock price of $31.73 on November 17, 2021.

Simmons First National is a Mid-South based financial holding company whose principal subsidiary, Simmons Bank, operates more than 200 financial centers in Arkansas, Kansas, Missouri, Oklahoma, Tennessee, and Texas.

Spirit of Texas Bancshares, Inc., through its wholly-owned subsidiary, Spirit of Texas Bank SSB, provides a wide range of relationship-driven commercial banking products and services tailored to meet the needs of businesses, professionals, and individuals.

The Covington team consisted of Rusty Conner, Chris DeCresce, Charlotte May, Susie Toumanian, and Sebastian Marotta (corporate), Kurt Baca and Jon Endean (tax), Jenna Wallace and James Damon (employee benefits), and Randy Benjenk and Drew Ruben (regulatory).