Simmons First National Corp. of Pine Bluff announced Thursday that, effective Friday, its bank subsidiary will convert from a national banking association to a state-chartered bank.
The publicly traded company announced the move in February. It also plans to change the name of its subsidiary from Simmons First National Bank to Simmons Bank.
"The charter conversion is a strategic undertaking that we believe will enhance our operations in the long term," said Marty Casteel, chairman and CEO of Simmons Bank. "We’re strongly committed to operating our organization with a focus on community banking. We believe it will be advantageous for our shareholders, customers and associates to work with regulators who are accustomed to community banks and the challenges they face."
Simmons is one of several federally-chartered banks that have been moving to state charters.