Simmons To Close Nine Branches

Simmons First National Corp. of Pine Bluff announced Friday that four of its bank charters will be closing a total of nine branches in Arkansas in June, but no employees are expected to be laid off.

The multi-bank holding company (Nasdaq:SFNC) announced a "branch right sizing initiative" that will reduce the number of bank offices to 79.

"Our purpose is to make sure our financial centers are located in the most convenient locations to best serve our customers, and to accomplish this goal in an efficient, profitable manner," CEO J. Thomas May said in a press release. Customers of the branches will be notified of the closings, the company said.

Simmons First National Bank will close offices in Altus, Grady, Gould, Leslie and Cherokee Village.  Simmons First Bank of El Dorado will close its downtown El Dorado branch at 208 N. West Ave. as well as a branch in Huttig. The branch of Simmons First Bank of Jonesboro at 1921 Woodsprings Road in Jonesboro will be closed, as will the Hector branch of Simmons First Bank of Russellville.

The announcement also said that Simmons would "find a position within the company for every associate in the financial centers being closed."

"Our philosophy has and continues to be that, when we close a location, we will find a job for every associate. That is our culture and it enables us to best serve our customers," commented May.