Simmons First National Bank of Pine Bluff plans to close 27 branches in Arkansas as a result of its purchase last year of Metropolitan National Bank of Little Rock, Simmons said in filings with its federal regulator.
The 27 branches are in Pulaski County, Benton County, Washington County, Faulkner County, Grant County and Lonoke County. Sixteen of the branches to be closed are Metropolitan branches and 11 are Simmons branches.
Stephen Lasseigne, Simmons’ spokesman, declined Wednesday to comment about the filings, which were made last month with the federal Office of the Comptroller of the Currency. The filings - one for each branch to be closed - made no mention of how many jobs may be affected.
Metropolitan had about 400 employees in its 45 Arkansas branches when the Simmons purchase closed in November. That’s an average of almost nine employees per branch. Simmons First National Corp. currently has more than 70 offices in Arkansas.
Simmons paid $53.6 million to purchase Metropolitan in an auction in the Rogers Bancshares bankruptcy in September. Rogers was Metropolitan’s parent company.
Simmons said after the purchase that it expected to have “significant branch consolidation” in April.
“Practically, in any acquisition, the way you make a transaction like this effective and work for stockholders as well as for your customers is to close overlapping branches,” said Randy Dennis, president of DD&F Consulting Group, a Little Rock-based bank consulting firm.
“Normally what you see is banks will close some of the acquired branches and some of their own branches,” Dennis said.
The Metropolitan National Bank branches that will close are: 300 Southeast Walton Road, Bentonville; 2691 Mission Blvd., Fayetteville; 4201 Pleasant Crossing Parkway, Rogers; 3701 Pinnacle Hills Parkway, Rogers; 200 Hudson Road, Rogers; 4000 Greathouse Springs Road, Springdale; 1950 Pleasant St., Springdale; 2030 John Harden Drive, Jacksonville; 3607 E. Kiehl Ave., Sherwood; 3200 JFK Blvd., North Little Rock; 16105 D Chenal Parkway, Little Rock; 11821 Colonel Glen Road, Little Rock; 121Bill Foster Memorial Highway, Cabot; 2895 Dave Ward Drive, Conway; 2400 Donaghey Ave., Conway; and 1210 S. Rock St., Sheridan.
Simmons branches that will close are: 703 E. Douglas St., Prairie Grove; 2971 N. College Ave., Fayetteville; 5106 S. Thompson Ave., Springdale; 3210 S. Walton Blvd., Bentonville; 11000 Financial Centre Parkway, Little Rock; 1818 N. Taylor St., Little Rock; 1717 Merrill Drive, Little Rock; 5000 West Markham St., Little Rock; 320 West Capitol Ave., Little Rock; 820 Elsinger Blvd., Conway; and 1025 Markham St., Conway.
Business, Pages 27 on 01/16/2014