Simmons First National Corp. is now the 8th-largest bank in Tennessee after completing the acquisition of two community banks. Simmons announced Tuesday that it also has completed the conversions of Landmark Community Bank of Collierville and Triumph Bancshares Inc. of Memphis.
Landmark and Triumph branches opened under the Simmons Bank brand Tuesday. Simmons has more than $25 billion in assets. It is scheduled to report third-quarter earnings Oct. 26.
"The completion of two acquisitions in four short months since we announced the transactions, including receiving regulatory and shareholder approval, converting customer accounts and simultaneously completing systems conversions, while also navigating an ever-changing pandemic environment, is a testament to the talented team we have built at Simmons," George A. Makris Jr., chairman and chief executive officer of Simmons, said in a news release.
The transactions were valued at about $278 million.
-- Andrew Moreau
project totals $2.2M
A shuttered Little Rock hotel property is planned as an extended-stay hotel by its new owner, thanks to investments totaling $2.2 million.
In September, Titan General Contractors Inc. of Benton bought the former M Star Hotel at 1010 Breckenridge Drive for $1 million.
This month, the company obtained a city building permit to perform $1.2 million worth of work to convert the rooms to include kitchens, which are typically part of an extended-stay property, and other improvements.
The 96-unit property built in 1986 is now listed in online assessor records as a Studio 6, which is the extended-stay brand of the Motel 6 national chain, the second in Little Rock.
The motel also is at least the second that Titan has acquired in Pulaski County.
The company owns what is now called Eagles Suites at 300 Crestview Drive in Jacksonville. That 38-unit property also is an extended-stay hotel. Titan acquired it for $475,000 in 2020.
Titan, which incorporated in 2019, also has a property management and rental arm.
-- Noel Oman
State stock index
ekes out small gain
The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, closed Tuesday at 682.33, up 1.20.
"U.S stocks tried three separate times on Tuesday to rally only to sell off slightly in the end, as the corporate earnings release season and the soon to be released notes from the last Federal Reserve meeting have some investors on edge," said Chris Harkins, managing director at Raymond James & Associates.
The index was developed by Bloomberg News and the Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.