Arkansas company buys out Landmark Bank

2 weeks 6 days 22 hours ago Wednesday, July 31 2019 Jul 31, 2019 Wednesday, July 31, 2019 9:59:00 AM CDT July 31, 2019 in News
By: Maggie Madro, KOMU 8 Reporter

COLUMBIA - A company based in Arkansas announced Wednesday it is buying The Landrum Company, which owns Landmark Bank.

Simmons First National Corporation said according to the agreement, it will acquire all Landrum capital stock in the all-stock transaction.

John Howe, Chair of the Department of Finance at MU, explained that competition among banks is good for the consumer and puts stress on the banks. He said some small banks can struggle to cope with costs. 

"Small banks can get overwhelmed from the cost regulation," Howe said.

Simmons bank will acquire The Landrum Company at the end of 2019. The official merger of Landmark Bank will take place the first half of 2020. After the Landrum Company closes, Landmark Bank will continue some operations as a separate bank for a short interim period until it has officially merged with Simmons Bank. 

Caroline Makris, Public Relations Manager of Simmons Bank, said she thinks the transition will be smooth.  

"Landmark and Simmons Bank are a really great match, a really good cultural feel.  Simmons already has branch locations in MO, Oklahoma and Texas and we are in large markets and small markets similarly to landmark," Makris said.

Makris added the transition will allow customers to have access to additional products and services, greater lending opportunities and new technology due to Simmons size and scale.

Simmons has locations in Arkansas, Colorado, Illinois, Kansas, Missouri, Oklahoma, Tennessee, and Texas.

"Landmark Bank will fit in our organization perfectly," said George A. Makris, Jr., Simmons’ CEO in Wednesday's release. "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."

As of June 2019 Landrum had $3.3 billion in financial assests. Simmons has $17.9 billion, almost six times more than Landrum. Simmons aquired Landrum for $434 million, and Landmark epresents the largest individual bank purchased by Simmons to date. 

“Simmons has grown to become an impressive regional bank known for successfully integrating its merger partners into its enterprise," said Kevin Gibbens, Landrum’s president, in the press release. "And that gives me great confidence in our combined future."

More News

Grid
List
School is starting back up again, but reading might not be the first thing on a child’s mind. A workshop... More >>
7 hours ago Wednesday, August 21 2019 Aug 21, 2019 Wednesday, August 21, 2019 12:50:00 AM CDT August 21, 2019 in News
COLUMBIA - The man who allegedly killed a woman who has been missing since 2006 arrived in Boone County Tuesday... More >>
10 hours ago Tuesday, August 20 2019 Aug 20, 2019 Tuesday, August 20, 2019 9:28:00 PM CDT August 20, 2019 in News
CAMDENTON - One person has minor burns after a fire Tuesday evening at an auto shop in Camdenton. According... More >>
11 hours ago Tuesday, August 20 2019 Aug 20, 2019 Tuesday, August 20, 2019 9:07:00 PM CDT August 20, 2019 in News
COLUMBIA - Businesses who are applying for their medical marijuana licenses in Columbia are one step closer after Monday night's... More >>
13 hours ago Tuesday, August 20 2019 Aug 20, 2019 Tuesday, August 20, 2019 6:40:00 PM CDT August 20, 2019 in News
MID-MISSOURI - Finding the perfect parking spot can be a hassle, but it can be even more difficult if you... More >>
13 hours ago Tuesday, August 20 2019 Aug 20, 2019 Tuesday, August 20, 2019 6:30:00 PM CDT August 20, 2019 in News
JEFFERSON CITY - Construction crews are continuing to work on both Jefferson City public high schools in preparation for classes... More >>
14 hours ago Tuesday, August 20 2019 Aug 20, 2019 Tuesday, August 20, 2019 5:45:00 PM CDT August 20, 2019 in News
VIENNA - Multiple suspects are currently being questioned after officials said someone intentionally started the house fire leading to an... More >>
16 hours ago Tuesday, August 20 2019 Aug 20, 2019 Tuesday, August 20, 2019 3:59:00 PM CDT August 20, 2019 in News
JEFFERSON CITY - The FEMA recovery center for Cole County closed its doors Tuesday. The center helped hundreds of... More >>
16 hours ago Tuesday, August 20 2019 Aug 20, 2019 Tuesday, August 20, 2019 3:51:00 PM CDT August 20, 2019 in News
JEFFERSON CITY (AP) — State officials say an improving economy is one of several factors that led to close to... More >>
16 hours ago Tuesday, August 20 2019 Aug 20, 2019 Tuesday, August 20, 2019 3:39:00 PM CDT August 20, 2019 in News
COLUMBIA - An increased focus on climate change from legislature and activists has prompted utilities providers to implement renewable energies... More >>
18 hours ago Tuesday, August 20 2019 Aug 20, 2019 Tuesday, August 20, 2019 2:09:00 PM CDT August 20, 2019 in News
JEFFERSON CITY- A group of Missouri protesters are taking a stand against self-driving trucks in the state. Over 29... More >>
18 hours ago Tuesday, August 20 2019 Aug 20, 2019 Tuesday, August 20, 2019 1:47:00 PM CDT August 20, 2019 in News
JEFFERSON CITY - A Cole County judge issued a restraining order Monday against Senate Bill 391, regarding regulation of concentrated... More >>
18 hours ago Tuesday, August 20 2019 Aug 20, 2019 Tuesday, August 20, 2019 1:25:00 PM CDT August 20, 2019 in News
ST. LOUIS — Major League Soccer has awarded the next expansion franchise to St. Louis, where a new downtown stadium... More >>
19 hours ago Tuesday, August 20 2019 Aug 20, 2019 Tuesday, August 20, 2019 12:33:00 PM CDT August 20, 2019 in News
KANSAS CITY — A former teacher at a Catholic school in Kansas City alleges in a lawsuit that she was... More >>
22 hours ago Tuesday, August 20 2019 Aug 20, 2019 Tuesday, August 20, 2019 10:15:00 AM CDT August 20, 2019 in News
JEFFERSON CITY - The Cole County FEMA Disaster Relief Center in Jefferson City is wrapping up operations on Tuesday, but... More >>
1 day ago Tuesday, August 20 2019 Aug 20, 2019 Tuesday, August 20, 2019 3:04:00 AM CDT August 20, 2019 in News
JEFFERSON CITY - The Department of Health and Senior Services received over 2,100 medical marijuana facility applications by the deadline.... More >>
1 day ago Monday, August 19 2019 Aug 19, 2019 Monday, August 19, 2019 7:37:00 PM CDT August 19, 2019 in News
COLUMBIA - Going grocery shopping Tuesday could impact more than just your own home. Lucky's Market and The Food Bank... More >>
1 day ago Monday, August 19 2019 Aug 19, 2019 Monday, August 19, 2019 6:26:00 PM CDT August 19, 2019 in News
COLUMBIA - The University of Missouri and the Harry S. Truman Memorial Veterans’ Hospital announced and signed a partnership to... More >>
1 day ago Monday, August 19 2019 Aug 19, 2019 Monday, August 19, 2019 3:40:00 PM CDT August 19, 2019 in News
Columbia, MO
Broken Clouds 74°
9am 80°
10am 81°
11am 79°
12pm 79°