LITTLE ROCK, Ark. (AP) - Simmons First National Corp. of Pine Bluff has submitted a $16.9 million bid to acquire Metropolitan National Bank of Little Rock.
Arkansas Business reports that a document about the bid for acquisition was submitted to the U.S. Securities and Exchange Commission on Wednesday.
Metropolitan is being offered for sale through the bankruptcy of its holding company, Rogers Bancshares Inc.
The auction is the first of its kind in Arkansas banking history. It's set for Sept. 9. A bankruptcy judge will consider approving the winning bid on Sept. 12.
Calls to Simmons First were not immediately returned.
It is unclear if other companies have submitted bids. Simmons is required to notify the SEC of any "material event" as a publicly traded company.
Information from: Arkansas Business, http://www.arkansasbusiness.com
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)