Simmons First National in Pine Bluff, Ark., plans to close 10 banks across four states by the end of the second quarter.
The $7.5 billion-asset company expects to close three branches in Arkansas, four in the Missouri and Kansas region and three in Tennessee by June 30, according to a transcript of its earnings call on Thursday.
Simmons First projects $1.6 million in annualized savings from the collective closures, and about "$400,000 of that ought to accrue in the second half of this year," George Makris, chairman and chief executive, said during the call.
The closures will reduce Simmons First's total branch network to 139 offices, according to a company spokesman. Simmons First has not provided a list of the specific branches slated be closed.
Also on Thursday, Simmons First reported a 47% year-over-year increase in first-quarter earnings, to $23.2 million. This year's results included the benefit of Simmons First's February acquisition of Ozark Trust and Investment, a Springfield, Mo.-based wealth management firm.