Just as Delta Trust was finishing work on its first branch in Conway, located at the Village at Hendrix, the privately held banking corporation is being sold to Simmons First National Corp.
The value of the deal has been reported at about $66 million.
A grand opening for the new Delta Trust location had been planned for April 26.
Simmons First had already taken over Metropolitan National Bank in November 2013, and Simmons completed the switching of the Metropolitan branch on Oak Street last week.
In a news release, Simmons First Chairman and CEO George A. Makris said that the acquisition will “enhance the ability to offer a full range of financial services to our customers.”
“[Delta Trust CEO] French Hill and his team have developed a successful and well-respected financial services franchise,” Makris said. “In addition to the growth opportunities afforded Simmons Bank, we look forward to expanding our Simmons Trust services, and offering investment management and insurance products throughout the markets we serve.”
Delta Trust’s total equity is valued at $40.6 million, and net income for 2012 and 2013 was fairly equal, at about $4.3 million.
Hill is currently seeking the 2nd congressional seat being vacated by Tim Griffin.
The new bank will be housed in The Village next to a Purple Cow restaurant, the first for Conway. The hamburger and milkshake establishment has locations in Little Rock.