Simmons Bank is headquartered in PINE BLUFF and is the 2nd largest bank in the state of Arkansas. It is also the 78th largest bank in the nation. It was established in 1903 and as of June of 2024, it had grown to 2,945 employees at 247 locations. Simmons Bank has an A health rating.
Beware Deceptive Practices
I obtained a SBA loan from Simmons Bank. They reneged on funding the loan after they imposed numerous delays, I was left with 50K financial obligations for a loan that they deemed not viable. The loan was always in the liquidation department. They had no intention of funding the loan but position themselves to make claims to my assets. BEWARE of this Bank.
READ ALL REVIEWS SIMMONS IS WORST!!
They utilize deceptive practices to keep information from you. Their mobile app is always behind. Transactions that come in are hidden and the balance is ahead and wrong. Leave you to wonder why the balance is different. It’s just deceptive and so wrong. Something should be done.
People Are Waiting
My father and I went to the Saginaw branch to close his accounts. We were told we had to do that with a personal banker. I have closed acts w/ tellers in the past, so I couldn't understand why I had to go to pb. We had most current statements, so it would be pretty easy to figure the balance. We waited for pb for almost an hour. When we finally saw the.customers leaving, new people started going directly to pb and was being greated by him. During our 50 minute wait, we noticed the lobby was very slow, so tellers were not busy. When the pb started greating and helping walk ins, I really lost my cool. I ended up yelling at him. There is no reason why closing acct should require a pb. Especially when there is only one person available. My father wanted to close his account because of excessive service charges. By the time we finished, the groceries in the car were thawed. If the duties are so unevenly distributed, maybe there should not be so much hobknobbing with customers. No body was rude or lazy. Years ago I took in a personal check to cash but I would have to pay a service charge. That check was returned due to closed acct, and I was charged over $50.00. I have all sorts of stories about the problems this bank has caused.
Customer Service
The customer service is incompetent starting bank manager all the down to reps answering calls. I left a message requesting a callback, which never happened. They are supposed to mail out annual statements from my individual retirement account, however, failed to do so. When I tried to get electronic access to my account, the bank manager claimed he had a computer problem (yeah, it's a bank in the 21 century). The same manager failed to provide a satisfactory explanation why my statement could not be sent by mail. We've been customers since 2003 and we are done with this bank.
Data as of Q2 2024
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 3890 |
| Year Established | 1903 |
| Employees | 2945 |
| Primary Regulator | FED |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.73% |
| Return on Equity - YTD | 5.68% |
| Annual Interest Income | $651.8MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2024vs Q2 2023 | $27.33B$27.91B |
| Loans | Q2 2024vs Q2 2023 | $16.98B$16.63B |
| Deposits | Q2 2024vs Q2 2023 | $22.12B$22.65B |
| Equity Capital | Q2 2024vs Q2 2023 | $3.5B$3.51B |
| Loan Loss Allowance | Q2 2024vs Q2 2023 | $230.4MM$210MM |
| Unbacked Noncurrent Loans | Q2 2024vs Q2 2023 | $90.5MM$61.2MM |
| Real Estate Owned | Q2 2024vs Q2 2023 | $2.2MM$3.5MM |
