YOUR BUSINESS AUTHORITY
Springfield, MO
YOUR BUSINESS AUTHORITY
Springfield, MO
Simmons First National Corp. (Nasdaq: SFNC) is bringing back its former CEO as its current chief prepares to retire.
The Pine Bluff, Arkansas-based operator of four Simmons Bank branches in Springfield announced in a news release that Executive Chair George Makris Jr. would assume the role of chair and CEO on Jan. 1. He previously held those roles 2014-22.
Current Simmons Bank CEO Bob Fehlman, who succeeded Makris, is retiring to "focus on personal interests and family medical issues," officials said. A Simmons Bank employee since 1988, Fehlman is scheduled to continue as CEO through year's end and transition into an advisory role through the first quarter of 2025.
"I want to express my deep appreciation to Bob for his decades of service to our organization," Makris said in the release. "Bob has been a tremendous asset to the bank for many years, and we wish him all the best in his well-deserved retirement. Bob has played a significant role in the expansion of the bank and has been a leader of our better bank initiative as CEO."
Simmons Bank additionally announced the hiring of Chris Van Steenberg as chief operating officer, effective immediately. He's worked since 2017 as an executive at Memphis-based First Horizon Bank.
In the third quarter, Simmons Bank reported net income of $24.7 million, down from $47.2 million a year earlier, according to a separate news release last month.
SFNC shares were trading at $25.23 as of 10:57 a.m., compared with a 52-week range of $15.72 to $25.95 per share.
A wave of affordable housing built in the 1990s through the federal Low-Income Housing Tax Credit are expected to revert to market rate housing in the next few years.
