Arkansas-based Simmons First National has agreed to purchase all of the outstanding capital stock of The Landrum Company, the parent of Missouri-based Landmark Bank.

The transaction is valued at around $434m.

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Landmark has $3.3bn in assets and 39 branches in Missouri, Oklahoma, and Texas.

Landrum president and CEO Kevin Gibbens said: “Through this transaction, we will be able to take advantage of Simmons’ size and scale to provide our customers with additional products and services, as well as greater lending capabilities.”

For a temporary period, Landmark Bank will serve as a separate bank subsidiary of Simmons.

Ultimately, Landmark Bank will be consolidated with Simmons Bank.

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The deal is pending shareholder and regulatory approvals and anticipated to close in the final quarter of 2019.

Simmons chairman and CEO George Makris Jr. said: “Landmark Bank is a strong banking franchise with deep history and much success in the communities it serves, and I am thrilled that the Landmark Bank team has chosen to become our newest partner.

“By combining our companies, we will substantially enhance our ability to provide quality financial products and services to our customers throughout Missouri, Oklahoma, and Texas.”

As of 30 June 2019, Simmons managed around $17.9bn in assets.

In addition to Arkansas, the firm has operations in Colorado, Illinois, Kansas, Missouri, Oklahoma, Tennessee, and Texas.

It made several acquisitions in the recent years including First Texas BHC, Southwest Bancorp, and Citizens National Bank.