Posted 7/24/2012 11:00 am
Updated 2 years ago
Simmons First National Corp. of Pine Bluff announced a stock repurchase program to buy up to 5 percent of its outstanding shares of class A common stock.
The plan to acquire up to 850,000 shares follows an intermittent string of stock repurchase moves by the company. The most recent one was announced September 2011.
"We believe our stock, at its current price, continues to be an excellent investment," said J. Thomas May, chairman and CEO of Simmons.
"The repurchase program will allow us to acquire shares needed for corporate purposes as well as make an investment in our organization which demonstrates our commitment and confidence in our future. We expect to reinvest a portion of our annual earnings, as needed, to fund the repurchase program and do not intend to utilize any of the equity we raised from the capital markets in 2009 for this purpose."
Simmons First owns eight community banks in Pine Bluff, Lake Village, Jonesboro, Rogers, Searcy, Russellville, El Dorado and Hot Springs and operates 88 offices in 47 cities in Arkansas, Missouri and Kansas.