Simmons Bank Helps Customers Save Nearly $5.5 Million in "Change"

Rhea-AI Summary

Simmons Bank (NASDAQ: SFNC) reported that its Round-Up automatic savings program helped customers save nearly $5.5 million in the first eleven months of 2024, with over 25,000 customers participating. The program, launched in 2014, automatically rounds up debit card purchases to the nearest dollar and deposits the difference into customers' savings accounts.

This initiative addresses a significant need, as a recent Bankrate survey revealed that 59% of U.S. adults are uncomfortable with their emergency savings, and 27% have no emergency savings at all. Simmons Bank operates 234 branches across six states and has maintained cash dividends for 115 consecutive years.

Positive

• Round-Up program generated $5.5 million in customer savings in 2024
• Strong customer adoption with 25,000+ program participants
• 115-year track record of consecutive cash dividend payments
• Extensive branch network across 234 locations in six states

Negative

• None.

News Market Reaction

-5.13%

1 alert

-5.13% News Effect

On the day this news was published, SFNC declined 5.13%, reflecting a notable negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Simmons Bank Round-Up program streamlines saving for customers 

LITTLE ROCK, Ark., Dec. 18, 2024 /PRNewswire/ -- Simmons Bank announced today its automatic savings program, Round-Up, allowed customers to save nearly $5.5 million during the first eleven months of 2024. More than 25,000 customers utilized the program during this period.

According to a Bankrate survey released earlier this year, 59 percent of U.S. adults are uncomfortable with the amount of emergency savings they currently have and 27 percent have no emergency savings – the highest percentage since 2020.

"The Simmons Bank Round-Up savings program makes saving effortless for our customers by automating the process, allowing them to steadily contribute toward their rainy day or financial goals," said Joshua Jensen, chief deposit officer at Simmons Bank. "With this program, customers can save effortlessly – rounding up each debit card transaction and automatically adding to their savings, all without the extra time or effort."

Established in 2014, the Simmons Bank Round-Up program is designed to reduce the effort needed to save by automating the process when customers use their debit card to conduct a purchase. With each debit card purchase made by a customer who is enrolled in the program, Simmons Bank rounds the transaction up to the nearest whole dollar and deposits the "change" into a Simmons Bank savings or checking account of the customer's choice.

Simmons Bank
Simmons Bank is a wholly owned subsidiary of Simmons First National Corporation (NASDAQ: SFNC), a Mid-South based financial holding company that has paid cash dividends for 115 consecutive years. Simmons Bank operates 234 branches in Arkansas, Kansas, Missouri, Oklahoma, Tennessee and Texas. Founded in 1903, Simmons Bank offers comprehensive financial solutions delivered with a client-centric approach. In 2024, Simmons Bank was recognized by U.S. News & World Report as one of the 2024-2025 Best Companies to Work For in the South and by Forbes as one of America's Best-In-State Banks 2024 in Tennessee and America's Best-In-State Employers 2024 in Missouri. Additional information about Simmons Bank can be found on our website at simmonsbank.com, by following @Simmons_Bank on X (formerly Twitter) or by visiting our newsroom.

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SOURCE Simmons Bank

FAQ

How much did Simmons Bank (SFNC) customers save through the Round-Up program in 2024?

Simmons Bank customers saved nearly $5.5 million through the Round-Up program during the first eleven months of 2024.

How many customers participated in Simmons Bank's (SFNC) Round-Up program in 2024?

Over 25,000 customers utilized Simmons Bank's Round-Up program during the first eleven months of 2024.

When was Simmons Bank's (SFNC) Round-Up savings program established?

The Simmons Bank Round-Up program was established in 2014.

How does Simmons Bank's (SFNC) Round-Up savings program work?

The program automatically rounds up each debit card purchase to the nearest dollar and deposits the difference into a customer's chosen Simmons Bank savings or checking account.

How many branches does Simmons Bank (SFNC) operate in 2024?

Simmons Bank operates 234 branches across Arkansas, Kansas, Missouri, Oklahoma, Tennessee and Texas.