Simmons First in Ark. to Close 27 Branches

By Antonio Olivero January 16, 2014, 12:40 p.m. EST 1 Min Read

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Simmons First National (SFNC) in Pine Bluff, Ark., plans to close 27 branches, according to regulatory filings.

Simmons filed its branch-closure applications with the Office of the Comptroller of the Currency on Dec. 19, an OCC bulletin says.

The move follows Simmons' recent acquisition of the Metropolitan National Bank in Little Rock.

The 27 locations, all in Arkansas, make up 20% of Simmons' branch count of 131, Keefe, Bruyette & Woods said in a research note Thursday .

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.

Antonio Olivero

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