Simmons Bank and Spirit of Texas Bank will merge; Valley National Bank completes merger with Westchester Bank
The Little Rock, based in Arkansas Simmons Bank The bank announced a merger with Spirit of Texas Bank.
The transaction will consist of a mix of cash and common stock of Simmons with a total value of approximately $ 581 million, based on the closing Simmons share price of $ 31.73 on November 17, 2021 .
George Makris, Jr, Chairman and CEO of Simmons said: âStrengthening our franchise in Texas has been a strategic priority and the partnership with Spirit not only enhances our current footprint, but also establishes a platform for growth in Houston, Austin, San Antonio and College Station. “
Based in New York National Bank of the Valley confirmed that its merger with Westchester Bank was completed as of December 1, 2021.
Valley will issue approximately 15.7 million common shares as part of the transaction. Westchester common shareholders will receive 229,645 Valley common shares for each Westchester share they own.
Effective December 1, 2021, Westchester’s wholly owned subsidiary, Westchester Bank merged with and under the name Valley National Bank.
As of September 30, 2021, Westchester held approximately $ 1.3 billion in assets, $ 906 million in loans and $ 1.1 billion in deposits.
Full systems integration is expected to be completed in the first quarter of 2022.
Mid Penn Bank completed its acquisition of Riverview Financial Corporation on November 30, 2021.
Riverview’s banking subsidiary, Riverview Bank was merged with and into Mid Pen’s banking subsidiary, Mid Penn Bank.
The all-stock transaction was valued at $ 124.7 million and will expand Mid Penn’s footprint into new markets including the Lehigh Valley area and State College, as well as an expansion of its presence in the west. from Pennsylvania.
The consolidated assets of the combined company are valued at approximately $ 4.7 billion.
Rory G Ritrievi, President and CEO of Mid Penn and Mid Penn Bank, said: âAs we bring the Mid Penn brand of community banking services to the entire Riverview footprint, we are committed to making this combination a positive solution for everyone involved. “
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