Simmons First National to Close 26 Branches, Cutting 30 Jobs and Taking $20M-$23M Charge
SFNC sits 35% above its 52-week low of $17.
Summary
Simmons First National will close 26 Simmons Bank branches across six states, effective December 4, 2026. The closures affect 100 associates, with 70% expected to be retained. The company estimates pre-tax expenses of $20 million to $23 million, including severance and termination costs of $0.20 million to $0.50 million. This restructuring follows the 8-K filed earlier today and reflects a cost-cutting initiative. The branch closures represent a modest reduction in the bank's physical footprint and will result in a one-time charge that will impact near-term earnings.
At the time of this announcement, SFNC was trading at $22.98 on NASDAQ in the Finance sector, with a market capitalization of approximately $3.3B. The 52-week trading range was $17.00 to $24.32. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Reuters.