On February 4, 2022, Simmons First National Corporation (Simmons) and Spirit of Texas Bancshares, Inc. (the Company) received from
the Federal Reserve Bank of St. Louis (the Federal Reserve) its approval of the application by Simmons Bank, the wholly-owned subsidiary of Simmons, for the proposed acquisition of Spirit of Texas Bank SSB, the wholly-owned subsidiary of
the Company. The Federal Reserve also accepted Simmons waiver request with respect to Simmons application for the proposed acquisition of the Company. The proposed transaction between Simmons and the Company (the Transaction)
is expected to close in the second quarter of 2022, subject to the satisfaction of customary closing conditions, including, among others, approval of the Companys shareholders, as well as approval by the Arkansas State Bank Department.
Forward-Looking Statements
Certain statements contained
in this Current Report on Form 8-K may not be based on historical facts and should be considered forward-looking statements within the meaning of the Private Securities Litigation Reform
Act of 1995. These forward-looking statements may be identified by reference to a future period(s) or by the use of forward-looking terminology, such as anticipate, believe, budget, contemplate,
continue, estimate, expect, foresee, intend, indicate, target, plan, positions, prospects, project, predict, or
potential, by future conditional verbs such as could, may, might, should, will, or would, or by variations of such words or by similar expressions. These
forward-looking statements include, without limitation, statements relating to the impact the Company and Simmons expect the Transaction to have on the combined entities operations, financial condition and financial results, and the
Companys and Simmons expectations about their ability to obtain regulatory approvals and the Companys shareholder approval, their ability to successfully integrate the combined businesses and the amount of cost savings and other
benefits the Company and Simmons expect to realize as a result of the Transaction. The forward-looking statements may also include, without limitation, those relating to the Companys and Simmons predictions or expectations of future
business or financial performance as well as goals and objectives for future operations, financial and business trends, business prospects, and managements outlook or expectations for future growth, revenue, expenses, assets, capital levels,
liquidity levels, asset quality, profitability, earnings, accretion, customer service, investment in digital channels, or other future financial or business performance, strategies or expectations, the impacts of
the COVID-19 pandemic and the ability of the Company and Simmons to manage the impacts of the COVID-19 pandemic, capital resources, market risk,
plans for investments in securities, effect of future litigation, acquisition strategy, legal and regulatory limitations and compliance and competition.
These forward-looking statements involve risks and uncertainties, and may not be realized due to a variety of factors, including, without
limitation: changes in the Companys and Simmons operating, acquisition, or expansion strategy; the effects of future economic conditions (including unemployment levels and slowdowns in economic growth), governmental monetary
and fiscal policies, as well as legislative and regulatory changes, including in response to the COVID-19 pandemic; changes in interest rates; possible adverse rulings, judgements,
settlements, and other outcomes of pending or future litigation; the ability to obtain regulatory approvals and meet other closing conditions to the Transaction; delay in closing the Transaction; difficulties and delays in integrating the Spirit
business or fully realizing cost savings and other benefits of the Transaction; changes in Simmons share price before closing; the outcome of any legal proceedings that may be instituted against the Company or Simmons as a result of the
Transaction or otherwise; the occurrence of any event, change or other circumstance that could give rise to the right of one or both parties to terminate the Agreement; business disruption following the Transaction; the reaction to the Transaction
of the companies customers, employees and counterparties; uncertainty as to the extent of the duration, scope, and impacts of the COVID-19 pandemic on the Company, Simmons and the Transaction;
and other relevant risk factors, which may be detailed from time to time in the Companys and Simmons press releases and filings with the SEC. Many of these factors are beyond the Companys and Simmons ability to predict or
control, and actual results could differ materially from those in the forward-looking statements due to these factors and others. In addition, as a result of these and other factors, the Companys and Simmons past financial performance
should not be relied upon as an indication of future performance.