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Member News
Simmons First National Corporation Announces Amendment to Stock Repurchase Program
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.
“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). 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. 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.
First Community Bank Purchases Property for Central Arkansas Banking Center
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.
“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
Partners Bank Supports Helena in a Unique Way
Partners Bank is celebrating its 80 th birthday this year and one-stop financial center.”
Citizens Bank Partners with Teslar Software to Better Serve Communities
Teslar Software, a provider of automated workflow and portfolio management tools designed to help community financial institutions thrive, announced in May that Citizens Bank selected its platform to enhance efficiencies and better serve its customers.
Based in Batesville, Arkansas, Citizens Bank has a reputation for providing exceptional service to its customers; the bank has nearly 20 branches throughout Arkansas and continues to expand its footprint. The bank was seeking ways to improve operations when it was introduced to Teslar based on a peer bank’s recommendation.
“Our goal was to make banking easier for our customers by streamlining operations; it turns out that Teslar will add many more efficiencies that are critical to our future growth,” said Pam Jones, Citizens Bank Executive Vice President – Banking Services and Compliance. “Citizens Bank is owned by local shareholders and governed by a local board of directors, most of whom live, work and invest alongside our customers. Solutions like Teslar provide better service and support to these communities and make an impact on Main Street, while helping us to scale.”
Citizens Bank plans to leverage Teslar’s automated workflows and portfolio management tools to streamline commercial lending and improve processes such as exceptions tracking, reporting and scorecards. Teslar integrates with the bank’s document management portal, which will reduce paperwork and end many manual, paper-based processes.
“Citizens Bank has been recognized nationally and locally as an institution that puts its customers first,” said Joe Ehrhardt, CEO and founder of Teslar. “With Teslar, it will be able to invest in its commitment to its customers by offering a more agile, enjoyable banking experience, while also helping the bank’s operations and ability to scale. Teslar can help institutions like Citizens Bank stay relevant and grow.”
Teslar provides community financial institutions with automated workflow and portfolio management tools to streamline and improve processes with easy access to relevant information needed to operate. The Teslar platform integrates siloed systems, centralizes data and boosts efficiencies enterprise wide to optimize profits and make customer interactions more meaningful.
Arvest Bank Foundation Provides Grant to “Recycle Bikes for Kids”
The Arvest Bank Foundation donated a gift of $3,000 to Recycle Bikes For Kids, a nonprofit organization in North Little Rock that provides refurbished bicycles to children in central Arkansas, free of charge.
“Anyone who has ever ridden a bike knows the joy it brings, and we believe every child deserves a bike of their very own,” said Ron King, founder of Recycle Bikes for Kids. “Bikes provide transportation and a sense of independence, freedom and exploration. We very much appreciate the Arvest Bank Foundation for keeping the children of our community in mind during its annual giving initiatives.”
“We’ve been fortunate to witness first-hand the great work Ron and his volunteers do to transform used bikes into meaningful gifts for so many children across Arkansas,” said Jim Cargill, president and CEO of Arvest Bank in central, northeast and southwest Arkansas. “By extending the life of these bikes, this program provides an element of sustainability and teaches volunteers of all ages mechanical skills that so many people don’t have exposure to these days.”
Volunteers are solely responsible for the repair and refurbishing of the bikes that are donated to Recycle Bikes for Kids. Since the program was founded in 2008, it has distributed more than 17,500 bikes to children across central Arkansas. Every child who receives a bike also receives a bicycle helmet. Anyone 16 years of age or older may earn a free bike of their own to repair, after serving a certain number of volunteer hours with the program to help refurbish bikes that will be given to children.
Recycle Bikes for Kids accepts bicycles of any size and kind. More information about the program is available at www.recyclebikesforkids.org.
Arvest Provides One Million Meals
Arvest Bank launched its annual two-month Million Meals initiative to fight hunger in the four-state region the bank serves. Instead, the bank announced it will proactively provide one million meals in the fight against hunger.
In this, its tenth year, Arvest’s Million Meals campaign has raised a total of 17,068,971 meals, which includes more than $3 million in funds given directly to the bank’s dozens of local food partners.
Due to the effects of COVID-19, local food partners saw an increased need for the help Million Meals provides. Arvest encouraged anyone who usually supports the Million Meals campaign through in-branch food contributions or fundraisers to donate directly to their local food bank or other appropriate organization if they were able.
“This donation allows us to help meet an immediate and growing need, and hopefully provide support for the weeks or months to come,” said Jim Cargill, president and CEO of Arvest Bank in central, northeast and southwest Arkansas. “The 80- plus food partners we support can provide five meals with every dollar that’s donated, so we are working toward keeping their shelves stocked for those facing food insecurity.”
In central Arkansas, Arvest provided funding assistance to the Arkansas Food Bank.
The bank’s decision to provide one million meals was based on the fact hunger is an issue in every community it serves. In 2018, 11.1 percent of American households were food-insecure, meaning they had difficulty at some time during the year providing enough food for all their members due to a lack of resources. From early April to late May, several Farmers Bank & Trust locations provided free WIFI service to students to aid the communities during the pandemic. Access was available from 7:00 a.m. to 8:00 p.m. any day of the week for students to complete their schoolwork. Students could access the WIFI connection from the parking lots of offices in Arkansas that included Magnolia, Texarkana, Hope, Camden, Prescott, Malvern, and Bryant. The offices in Texas included Texarkana, New Boston, and Prosper.
Jason Tennant, President and CLO, Cornerstone Bank, presented a check for $5,000 to the Affordable Housing Project. The donation was part of a $10,000 commitment to the Carroll County Collaborative the bank made this year to help facilitate the completion of various phases of the project. The funds will be used to help meet the pressing demand for affordable housing in the Carroll County area.
Jason stated, “We are thrilled to assist in the continued development of our local communities. Cornerstone Bank, being the largest mortgage lender in Carroll County, has many loan programs that fit our community’s needs. Teaming with the Carroll County Collaborative’s leadership will allow us to help more people become homeowners in Carroll County. We are appreciative of the Carroll County Collaborative’s efforts as it relates to the project and the impact it will have on our local communities.”
The Affordable Housing Project will help provide individuals with more affordable, safe housing resources in Berryville, Green Forest, and Eureka Springs areas. While affordable housing is a critical issue everywhere, it is particularly a problem in
Farmers Bank & Trust Provided Students with WIFI During Pandemic
Arkansas and Carroll County. Farmers Bank & Trust Chief Executive Officer, Chris Gosnell, stated, “As a community bank with a giving mission to help further education in our footprint, we recognized a need to provide WIFI to local students and families. We are constantly looking for ways to help our communities during this time, and I applaud our team for setting up this service promptly and look forward to assisting local families during this difficult time.”
FNBB Celebrates 35 th Anniversary
First National Bankers Bank will celebrate its 35 th anniversary on July 2. FNBB received a charter from the Office of the Comptroller of Currency and opened for business on July 2, 1984, as the first nationally chartered banker’s bank in the nation.
FNBB began with one office location in Baton Rouge, Louisiana where the corporate headquarters is currently located. The bank grew with the opening of Mississippi National Bankers Bank in 2000, and Alabama Bankers Bank in 2004. The merger of Arkansas Bankers Bank into FNBB in 2008, and the acquisition of Independent Bankers Bank in Florida 2015 rounded out its footprint across the Southeastern United States. In 2011, FNBB consolidated its bank subsidiaries into a single charter under the FNBB banner.
FNBB not only added bank locations but expanded its services beyond traditional correspondent banking services. Under the Holding Company, First National Bankers Bankshares, Inc., FNBB Services Corp. was launched to provide internal audits, IS audits, compliance services and loan review services, followed by FNBB Capital Markets, LLC providing retirement benefit services and FNBB Insurance Agency, LLC to offer insurance products.
“The foundation, traditions and core values associated with FNBB are as strong today as in 1984”, said Joseph F. Quinlan, Jr. who is Chairman of FNBB, Inc. Mr. Quinlan added, “The FNBB team provides unique perspectives, delivering innovative solutions to help community banks grow their customer relationships. FNBB lives by our core values, striving to always do the right thing and be your trusted partner. As customers have faced challenges they have come to rely on FNBB to be there for their bank as well as their employees. At FNBB, it’s our people who deliver Service Beyond Comparison.”
“While community banking will continue to change, FNBB’s commitment will not”, says Jim Hudson, President and CEO of FNBB. “We will continue to provide high quality correspondent services to facilitate the success and growth of our shareholders and clients.”
“Our organization is extremely well capitalized and postured for continued growth both organically and through M&A, said Joseph F. Quinlan, III who is President and CEO of FNBB, Inc. Despite some constriction in our customer base over the last few years because of M&A, we remain very confident about the strength and future of community banking and the critical role that FNBB will have in that space for years to come.”
Arvest Go Mobile Banking App Certified by J.D. Power
Arvest Bank is pleased to announce J.D. Power has certified the Arvest Go mobile banking app for providing “an outstanding mobile banking experience,” making Arvest the first mid-sized bank – and one of a select few in the nation – to earn this designation.
“In today’s digital banking environment, mobile app excellence is not limited to only the big banks,” said Bob Neuhaus, vice president of banking and payments at J.D. Power. “J.D. Power’s Mobile App Certification Program recognizes regional banks like Arvest that demonstrate mobile app leadership in the industry.”
J.D. Power’s Mobile App Certification Program powered by Centric Digital focuses on certifying top-performing brands within a variety of industries, including financial services, insurance and healthcare. As a first step, brands must rank among top performers in the most recent J.D. Power North American Mobile App Satisfaction Index.
Benchmark rankings are based on overall customer satisfaction with the mobile app experience for 120 brands across seven industries. Specific factors for Arvest Go included ease of navigation, range of services, speed of completing transactions, clarity of information and the app’s overall appearance.
The Arvest Go app was designed to allow customers to take control of their accounts whenever and wherever they want, and is loaded with features such as fingerprint and Face ID® login and a Quick View setting for checking balances without logging in. Most recently, Arvest added a tool that allows users to lock and unlock an Arvest debit or personal credit card to provide greater security and peace of mind. Arvest Go is rated 4.8 stars – on a 5.0 scale – in the app store.
“Arvest is constantly looking for new and better ways to help our customers bank in the ways that provide the most help and benefit to them,” Arvest marketing director Jason Kincy said. “This J.D. Power Mobile App Certification is rewarding primarily because it demonstrates that we are helping make banking faster, easier and more secure for our customers.”
Qualifying brands must pass a rigorous evaluation of 250 mobile app experience and operational best practices conducted by J.D. Power in collaboration with Centric Digital. The 250 are a subset of Centric Digital’s DIMENSIONS, a classification system comprising more than 3,000 digital best practices called “classifiers” and used by industry leaders to benchmark digital performance.
