Simmons Bank is headquartered in Pine Bluff and is the 3rd largest bank in the state of Arkansas. It is also the 92nd largest bank in the nation. It was established in 1903 and as of September of 2020, it had grown to 2,884 employees at 237 locations. Simmons Bank's CD rates are 11% higher than the national average, and it has an A health rating.
Writing As An Associate, Non-Customer
I have known several people that used Simmons in Jonesboro, Arkansas, and had good experiences. The bank was very good about working with local Arkansas State University students as well as with the university itself. I even used their conference room for local meetings. The people are quite friendly and it seems that this bank's rates and fees are no more or less different than any other regional bank. I would say give them a try.
Banking Local - There's a Reason Not Everyone Does It
My first banking experience ever was with Simmons First Bank. I opened it in high school, because it was where my mom banked and that way she would have access to my accounts if I ever needed help. I ended up using it for about five years, opening both checking and savings accounts. First of all, their online and phone based systems were awful. They were tedious, time consuming, and difficult to get the help you actually needed. At one point I had a breach of my account where someone stole my purse and was using my cards. Within a few hours before I could cancel it, they had spent over $400. Simmons was very difficult to work with in filing a fraud claim, and it took over three months to get the money returned to me. Overall the experience caused me to look elsewhere for a more established and national bank.
Simmons Really Is ALL ABOUT THE MONEY!
Simmons Bank acquired a really great bank in Springfield several years ago, Liberty Bank. It's been all downhill since then and has recently gotten even worse. Inconvenienced customers by closing several bank locations (which in turn caused the lay off of many truly customer-oriented staff - which is the only reason we stayed so long). Online banking software changes constantly, is frequently down, and is restrictive to the customer in managing bill pay; and have now received a ludicrous fee hike and discontinuance of current checking account plan. Needless to say, we will be moving all our accounts to a bank that offers customer service in reality instead of merely empty words on paper. It appears Simmons is moving away from brick and mortar locations and moving to more impersonal banking methods.
No Email Address For Charge Disputes
I got a credit card at Simmons years ago due to low interest rate. But recently I bought something online which, when received was something else. The company would not take it back. Opened up a dispute with Simmons and for awhile they didn't require me to pay. But here's the rub.... that dept has no email address to send information to. They required documentation via FAX or USMAIL!! no email. I sent infor via fax, then, later by USMAIL. Neither made any difference.
Bottom line. Terrible customer service, antiquated system of communication for charge disputes. I will never use them again.
Not to mention their recent changes to their website suck.
Data as of Q3 2020
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 3890 |
| Year Established | 1903 |
| Employees | 2884 |
| Primary Regulator | FED |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.39% |
| Return on Equity - YTD | 9.42% |
| Annual Interest Income | $582.0MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q3 2020vs Q3 2019 | $21.39B$17.72B |
| Loans | Q3 2020vs Q3 2019 | $13.96B$12.99B |
| Deposits | Q3 2020vs Q3 2019 | $16.42B$13.57B |
| Equity Capital | Q3 2020vs Q3 2019 | $3.11B$2.77B |
| Loan Loss Allowance | Q3 2020vs Q3 2019 | $248.2MM$66.6MM |
| Unbacked Noncurrent Loans | Q3 2020vs Q3 2019 | $152.9MM$60.3MM |
| Real Estate Owned | Q3 2020vs Q3 2019 | $12.6MM$19.6MM |
