Sources: At least 60 employees laid off in Madill; Simmons Bank says number is confidential
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Matt Caban • The Madill Record The Landmark Bank located at 128 Plaza in Madill is home not only to a bank branch, but also an operations center, which recently received news of layoffs from Landmark’s new parent company, Simmons Bank.
More details have emerged about the layoffs impacting multiple employees at Landmark Bank’s Madill operations center.
Chief among those details is public knowledge that the positions of 60 or more employees will be eliminated. This number has been confirmed by two sources with first-hand knowledge of Landmark Bank’s Madill operations center who were not authorized to go on record.
These sources also said the layoffs will impact multiple departments including account services, IT, loan operations, collections, facilities and couriers. When asked to clarify the number of positions eliminated in Madill, Caroline Makris, Simmons First National Corporation’s vice president public relations, referred The Madill Record to her previous comments as “personnel matters are traditionally confidential.”
This meant Simmons has not provided any information regarding the specific departments impacted by last week’s announcement.
In an e-mail to The Madill Record, Makris shared more on the timeline of the layoffs.
“Associates in Madill will stay on through conversion in mid-February with some staying on for several months after conversion,” she said. “Right now, the focus will be on attentively preparing for a smooth transition with both teams working together to ensure the most positive transition possible for employees and customers.”
However, a report done by ABC 17 in Columbia, Mo. quoted a former Landmark employee who said layoffs will start Oct. 31. Makris did not verify this date.
A larger impact
In addition to Madill, other southern Oklahoma Landmark locations were impacted by the layoffs, Makris said. However, she did not provide specific details on which positions were eliminated from these branches.
Makris provided more detail on the decision-making process.
“As with any merger, we have evaluated the most effective way to run the combined bank. These decisions are made with both employees and customers’ needs in mind while still considering the best organizational structure.
“The banks benefit from the fact that we both have a complementary geographic footprint and no direct overlap in markets. Still there are some redundancies in staffing.”
In addition to Madill, Landmark’s locations in the region include offices in Ada, Ardmore, Davis, Durant, Kingston, Sulphur and Tishomingo.
Makris confirmed all employees whose positions have been eliminated will receive severance.
“To provide a transition for those employees whose positions will be eliminated, Simmons is offering beneficial severance packages and access to outplacement,” she said.
Makris confirmed reports that not all Madill employees were notified of the layoffs in person.
“In-person communication regarding changes was the goal, however when there were vacations and other out-of-office circumstances, additional personal communication provided employees with needed information and updates,” she said.
Scope of merger
Landmark Bank is based in Columbia, Mo. while Simmons is headquartered in Pine Bluff, Ark. The pair merged earlier this year when Simmons announced the purchase of Landrum, Landmark’s parent company.
Landrum’s assets as of June 30, totaled $3 billion with the company operating 39 Landmark Bank branches across Missouri, Oklahoma and Texas.
Simmons First National Corporation has assets of approximately $17.8 billion as of September 30, according its investor relations website.
According to the Simmons Bank website, it has more than 200 branches across eight states (Arkansas, Colorado, Kansas, Illinois, Missouri, Oklahoma, Tennessee and Texas).