SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Exchange Act of 1934
Date of Report (Date of earliest event reported) June 30, 1998
SIMMONS FIRST NATIONAL CORPORATION
(Exact name of registrant as specified in its charter)
Arkansas 0-6253 71-0407808
(State or other jurisdiction of (Commission (I.R.S. employer
incorporation or organization) file number) identification No.)
501 Main Street, Pine Bluff, Arkansas 71601
(Address of principal executive offices) (Zip Code)
(870) 541-1000
(Registrant's telephone number, including area code)
ITEM 5. OTHER EVENTS.
The following is the text of a press release issued by the registrant
at 3:05 P.M. Central Standard Time on June 30, 1998:
FOR RELEASE: June 30, 1998
Simmons First Announces Sale of Mortgage-Servicing Portfolio
Pine Bluff, AR -- Simmons First National Bank announced today the sale
of its residential mortgage-servicing portfolio to First Commercial Mortgage
Company, an affiliate of First Commercial Corporation. The portfolio consists of
approximately $1.2 billion in residential mortgage loans.
According to J. Thomas May, chairman and chief executive officer of
Simmons First National Bank, "The mortgage servicing business has historically
been a contributor to the profits of our company, but in recent years,
competitive pressures in the national mortgage marketing business, coupled with
the regulatory environment for banking, have caused many banks to choose to exit
the mortgage servicing business. Our decision to sell our mortgage servicing
does not mean that we are getting out of the mortgage banking business. This
sale transaction effects only the servicing of residential mortgages for other
investors. Simmons First National Corporation will continue to offer mortgage
and home equity loans throughout our network of affiliate banks."
"The portfolio sale will not have a material effect on the current
earnings of Simmons First, but will allow us to re-deploy resources into higher
growth business activities that we believe will enhance our long-term
profitability."
Simmons First National Bank is the flagship bank of the $1.3 billion
Simmons First National Corporation, headquartered in Pine Bluff. The corporation
conducts banking operations from 40 offices in 21 communities through banks in
Pine Bluff, Dumas, Jonesboro, Lake Village, Rogers, Russellville and Searcy,
Arkansas.
FOR MORE INFORMATION CONTACT:
Lawrence Files
Vice President - Marketing Group
870-541-1438
1-800-272-2213
FAX 870-541-1045
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
SIMMONS FIRST NATIONAL CORPORATION
Date: June 30, 1998 By: /s/ J. Thomas May
----------------- ---------------------------------------
J. Thomas May, Chairman, President &
Chief Executive Officer
