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J. Thomas May still believes community banks can thrive but executives must find new ways to engage customers, control costs and build scale.
January 3
Simmons First National (SFNC) in Pine Bluff, Ark., plans to close 27 branches, according to regulatory filings.
Simmons filed its
The move follows Simmons'
The 27 locations, all in Arkansas, make up 20% of Simmons' branch count of 131, Keefe, Bruyette & Woods
The branches have combined deposits of $308 million, just 8% of total deposits as of the second quarter, KBW said. The average deposits for the 27 locations is $11 million, compared with about $30 million for Simmons' entire branch network of 131, according to KBW.
Management had projected it would close 14 to 35 branches after the deal, according to KBW.
Simmons is scheduled to release its fourth-quarter results on Jan. 23. More news regarding the company's strategy to integrate Metropolitan is expected at that time.