Member News Simmons First National Corporation Announces Amendment to Stock Repurchase Program
First Community Bank Purchases Property for Central Arkansas Banking Center
Simmons First National Corporation (Nasdaq: SFNC) (“company”) announced that its board of directors has approved an amendment to the company’s stock repurchase program (“program”) that increases the amount of the company’s common stock that may be repurchased under the program from a maximum of $60 million to $180 million. The program was originally approved on October 17, 2019, and to date, the company has repurchased approximately $31.6 million of its common stock under the Program.
First Community Bank has purchased the southeast corner of Rahling Road and Chenal Parkway in Little Rock and plans to seek regulatory approval to build a new central Arkansas banking center.
“The board’s decision to expand the size of our stock repurchase program reflects our continued confidence in the strength and long-term prospects of our business,” said George Makris, Jr., the company’s chairman and chief executive officer. “We remain committed to leveraging our strong balance sheet to responsibly reduce the number of outstanding shares of our common stock, which we continue to believe is an attractive investment, particularly at current trading prices.” The program permits the company to repurchase shares of its common stock through open market and privately negotiated transactions or otherwise. The timing, pricing, and amount of any repurchases under the program will be determined by the company’s management at its discretion based on a variety of factors, including, but not limited to, trading volume and market price of the common stock, corporate considerations, the company’s working capital and investment requirements, general market and economic conditions, and legal requirements. The program does not obligate the company to repurchase any common stock and may be modified, discontinued, or suspended at any time without prior notice. The program will terminate on October 31, 2021 (unless terminated sooner).
“We are excited to build on our footprint in Arkansas,” said Dale Cole, chairman and CEO of First Community Bank. “First Community continues to invest in central Arkansas.” Cole further stated, “In 2017, the bank opened its first Little Rock location at the corner of Kavanaugh and Cantrell. In 2019, a second full-service location was opened at Saddle Creek. It is with great excitement that I can share our news of the purchase of this property and our plans to construct a new state-of-the-art banking center for central Arkansas, pending regulatory approval. Our 27-location banking network also offers two facilities in Cabot and a new full-service location in Conway with more expansion plans to come.” The proposed plan is to build an approximately 15,000 squarefoot, two-story complex on the site. Work would start later this year with the goal of opening in 2021. Plans put the proposed building directly across from the Promenade at Chenal. “Between the growth that we have experienced as an organization and expansion opportunities in central Arkansas, it became increasingly important to expand into a larger banking center to show our commitment to this area,” said Renè Julian, community president in Little Rock. “The new banking center will include a retail banking branch plus office space for retail and commercial lending, secondary market home loans, electronic banking services and bank operations. It will be a true one-stop financial center.”
Partners Bank Supports Helena in a Unique Way When the Helena Health Foundation assisted in acquiring a ladder fire truck for Helena/West Helena, it would not fit through the downtown Helena fire station building door. Partners Bank has contributed almost $20,000 for the work needed to accommodate the need. Pictured are Vance St. Columbia, Mid-South Regional President, and Stephenie A Cooke, Bank Culture Officer for Partners Bank; Mayor Kevin Smith of Helena/West Helena; and members of the Helena Fire Department. Partners Bank is celebrating its 80th birthday this year and what better way than giving back to the community in which it started. The Bank operates six branches in Helena/West Helena, Marvell, Marion, and Wynne.
The Arkansas Banker n Summer 2020
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