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SIMMONS ANTICIPATES $64M FROM STOCK OFFER

By Larry Fugate/OF THE COMMERCIAL STAFF
Friday, November 13, 2009 12:37 AM CST

Underwriters revealed Wednesday that they have priced a public offering of 2,650,000 shares of Simmons First National Corp. common stock at $24.50 per share, anticipating gross proceeds of $64.925 million.

The stock offering was well received in presentations before potential investors, said Robert Dill, Simmons executive vice president.

Net proceeds to the Pine Bluff-based bank holding company after underwriting discounts and commissions and estimated offering expenses are expected to be approximately $61.4 million. Simmons First granted the underwriters a 30-day option to purchase up to an additional 397,500 shares of the company’s common stock to cover any outstanding stock orders.

Stephens Inc. of Little Rock is serving as lead bookrunner and Stifel, Nicolaus & Co. Inc. of Baltimore, Md., is serving as joint bookrunner for the offering, which is expected to close Tuesday.

Simmons announced the stock offering several weeks ago and indicated the proceeds would be used to acquire other financial institutions in Arkansas and surrounding states should the opportunity arise.

A prospectus will be made available by Simmons First or the underwriters.

Simmons First, which operates eight community banks operating 88 offices in 47 communities in Arkansas, posted record third quarter earnings of $7.7 million or 54 cents a share, compared to $6.5 million or 46 cents a share for the same period in 2008, a 17.4 percent increase. Analysts had expected earnings of 47 cents a share.

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