Layoffs, Branch Closures Firming Up as Simmons Readies To Close on Delta Trust

by Arkansas Business Staff  on Monday, Jul. 21, 2014 12:00 am  

Delta Trust branch at 2924 Kavanaugh Blvd. | (Photo by Pulaski County Assessor)

Some employees of Delta Trust & Bank were given notice last week that they might not be with the company after it is acquired by Simmons First National Corp. of Pine Bluff next month.

Exactly how many letters went out wasn’t immediately available, said George Makris, Simmons’ chairman and CEO.

He said that he wanted to give as much notice as he could to the employees who might be laid off, but not all the employees who received letters will lose their jobs.

When Simmons acquired Metropolitan National Bank of Little Rock last fall, similar notices were sent to employees who might be laid off. In the end, only about half of the people who received letters actually lost their jobs, Makris said.

Makris said most of the notices went to office staff and tellers. Employees who are laid off will be paid through Dec. 31 and receive severance based on their tenure with Delta.

Makris said that after Simmons closes on the purchase in August, there will be a two-month transition period from Delta to Simmons. The target date for the conversion to be complete is Oct. 28.

Makris said he didn’t know how many Delta branches will be closed, but that announcement is expected to come as early as this week.

Delta’s Hillcrest branch at 2924 Kavanaugh Blvd. in Little Rock is being looked at as a possible closure, he said, because it’s two blocks from a Simmons location.

 

 

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