Landmark Bank’s parent company is merging with Simmons First National Corp. and Landmark’s local branches will eventually be rebranded as Simmons Bank locations, Simmons officials announced.
Simmons is acquiring the stock of Landmark’s parent company, The Landrum Co., the press release indicated. Landmark has more than $3 billion in assets and locations throughout Texas, Oklahoma and Missouri.
Simmons is set to absorb Landmark locations and customer accounts later this year, the release indicated.
“We expect the merger to occur in the fourth quarter of 2019 at which point Landmark will operate as a subsidiary of Simmons First National Corporation,” Simmons Chief Administrative Officer Stephen C. Massanelli said Tuesday, Aug. 13, in an email. “At conversion, in the first quarter of 2020, we’ll change all of the signage and branding from Landmark to Simmons.”
Landmark’s branches in Gainesville, Whitesboro and Collinsville will stay open, he said.
“None of the North Texas market overlaps our existing branch network so Landmark provides a nice complement to our geographic footprint and will allow Landmark, under the Simmons banner, to retain all of its North Texas branches,” Massanelli said via email.
Landmark bank customers will probably notice changes like new cards and checks that will be issued with Simmons branding, he said. Customers won’t need to do anything, he added, though a “very small number of customers” might have a new bank account number issued in cases where account numbers are duplicated between Landmark and Simmons systems.
Massanelli said Simmons will benefit from Landmark’s experience with “Interactive Teller Machines,” which he said Landmark started using three years ago to link customers with tellers over video.
Landmark, in turn, should benefit from some Simmons network features that Landmark had been considering but hadn’t launched, Massanelli said.
Simmons, a financial holding company headquartered in Pine Bluff, Arkansas, holds assets of about $17.9 billion and operates in Texas and Oklahoma as well as Arkansas, Colorado, Illinois, Kansas, Missouri and Tennessee.