If you spend any time with George Makris, chairman and CEO of Simmons First National Corp., you’ll soon learn his background is not in banking. Rather, his family was in beverage distribution, namely Anheuser-Busch.

“When you’re a beer wholesaler, you have a territory and can’t go outside of a specific area,” Makris said. “You learn how to deal with the dynamics of a community and make it all blend together. I think that’s what we’ve done here at Simmons.”

Simmons strikes ‘Landmark’ deals for two area banks

Makris was named chairman and CEO of Simmons First National, parent company of Simmons Bank, in 2014. He soon found himself responsible for the day-to-day operations of Pine Bluff, Arkansas-based Simmons, and he knew the bank needed a growth plan.

“We didn’t have access to a lot of markets where we could deploy excess capital and excess liquidity,” he said. “We were asked to consider how to grow the bank and give us access to different markets. Our plan has worked out very well.”

Earlier in 2021, Simmons announced it had reached two separate agreements to acquire both Collierville-based Landmark Community Bank and Triumph Bancshares in Memphis. The move by Simmons increases its presence to close to 250 branches, and, according to 2020 FDIC data, it will make Simmons the No. 6 bank by local deposit share in the Memphis metro market.

The deal is expected to close in the fourth quarter this year.

“We’ve been able to see opportunities for the bank as they’ve presented themselves,” Makris said. “We didn’t go out and flag Landmark and Triumph — they both had an exit strategy, and their culture lined up well with ours.”

This merger and acquisition strategy has been in play by Simmons since 2013 when it acquired Metropolitan National Bank out of Little Rock, Arkansas.

All of the acquisitions have exceeded expectations, Makris said. While he noted there is risk to any acquisition, his primary focus is to retain the business that is acquired.

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“We want to retain all the customers that Landmark and Triumph currently have,” he said. “We want to be able to integrate new products and services and take care of customers that they weren’t able to because of size.”

Right now, Triumph is the 10th largest bank in the Memphis market based on deposit market share, according to FDIC data, and Landmark ranks 12th. 

With the bulk of Landmark and Triumph operations in the Memphis area — Landmark has offices in Franklin, Brentwood-Cool Springs, and the Music Row area of Nashville — Makris said it’s an opportunity for the three institutions to learn from each other, because they all do things differently, as well as to come together as one team.

“One of the real benefits to Memphis, in my opinion, is redevelopment of our branch footprint in Memphis.”

Several of the Simmons, Triumph and Landmark locations are very close to each other, which will lead to consolidation of branches in those geographic areas, but locations will be added where there are voids, particularly inside the Interstate 240 loop.

There will be three branch closures in Memphis, which will be consolidated with other offices. Makris reiterated that no area will be abandoned by the consolidations.

“We have intentional plans to locate branches in some low- to moderate-income census tracts,” he said. “We believe that’s a great opportunity not only for us but for Memphis.”

Makris hopes to get involved with community organizations that are working on redeveloping certain areas of Memphis.

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“We want to work with some organizations to come together to help us deploy our resources to make the greatest impact in Memphis,” he said.

When Makris attended Rhodes College, The Peabody hotel was shuttered, and Harbor Town did not exist.

“The only reason you went Downtown was to eat at the Rendezvous,” he said. “Look at what’s happened today. There are other opportunities in Memphis that need that concentrated effort — we hope to make that happen.”

Assuming there are no surprises between now and Oct. 8, the Landmark and Triumph conversions will take place over the Columbus Day holiday weekend. When the banks open Tuesday, Oct. 11, all locations will be branded Simmons Bank.

“The most important part of these acquisitions is the people, and that has always gone well because all of us have the customers’ best interest in mind,” he said.

Simmons Bank was founded in 1903 in Pine Bluff, with deposits of $3,338.22 on the first day. Today, Simmons has approximately $23.3 billion in total assets with more than 2,800 associates across six states.