Simmons First National announced the U.S. Bankruptcy Court approved a Stock Purchase Agreement between SFNC and Rogers Bancshares for the stock of Metropolitan National Bank. SFNC will purchase all of the issued and outstanding shares of common stock free and clear of all liens, claims and encumbrances, and assumes no liabilities of RBI. Under the terms of the agreement, RBI will receive $53.6M in cash. The transaction is expected to close during the fourth quarter and is subject to customary regulatory approval.
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