XML 116 R27.htm IDEA: XBRL DOCUMENT v3.2.0.727
Note 19 - Preferred Stock
6 Months Ended
Jun. 30, 2015
Disclosure Text Block Supplement [Abstract]  
Preferred Stock [Text Block]

NOTE 19: PREFERRED STOCK


On February 27, 2015, as part of the acquisition of Community First, the Company issued 30,852 shares of Senior Non-Cumulative Perpetual Preferred Stock, Series A (“Simmons Series A Preferred Stock”) in exchange for the outstanding shares of Community First Senior Non-Cumulative Perpetual Preferred Stock, Series C (“Community First Series C Preferred Stock”). The preferred stock is held by the United States Department of the Treasury (“Treasury”) as the Community First Series C Preferred Stock was issued when Community First entered into a Small Business Lending Fund Securities Purchase Agreement with the Treasury.  The Simmons Series A Preferred Stock qualifies as Tier 1 capital, has a $1,000 liquidation value per share and will pay quarterly dividends.  The rate will remain fixed at 1% through February 18, 2016, at which time it will convert to a fixed rate of 9%. The Company plans to redeem the Simmons Series A Preferred Stock in the first quarter of 2016.