Pine Bluff unveils grassroots effort to reinvigorate, boost the city’s economic fortunes 

Simmons First National Bank Chairman and CEO George Makris on Monday told Talk Business & Politics that the former jewel of South Arkansas is going to have to answer some tough questions about its future.

The questions, according to Makris, include how to grow the city’s tax base to be able to compete for future jobs and economic development, and how to address education woes that should consider discussion of consolidating the city’s three high schools.

“We want our hometown to be successful,” said the chief executive of publicly traded Simmons First National Bank, one of the nation’s fastest growing regional banks with assets of nearly $8 billion.

Makris made his comments against the backdrop of Monday’s announcement of a multiyear, grassroots effort by civic, government and business leaders in Pine Bluff that is designed to grow the community’s tax base and consider ideas to improve other city institutions.

Known as “Go Forward Pine Bluff,” the effort will utilize the work of the city’s 20/20 Commission as a baseline for a broad representation of the community leaders and citizens to come up with a strategic plan for the city. It will be funded by the Simmons First Foundation, the publicly traded Pine Bluff bank’s philanthropic arm.

“As previously reported, Simmons has expressed an interest in funding programs to spur redevelopment in Pine Bluff,” Makris said. “We’re hopeful that the ‘Go Forward Pine Bluff’ process will help pinpoint how to direct our efforts most effectively. We believe that the Simmons First Foundation is the appropriate vehicle for this project. If successful, Simmons can use the foundation to replicate the program in other communities we serve in our banking footprint.”

REALISTIC AND HONEST ANSWERS
In his interview with TB&P, Makris said Simmons First is one of the nation’s fastest growing regional banks, and has more than doubled in size in the just five years. At the same time, he noted, the hometown of the bank’s headquarters has seen a dramatic decline in its economic fortunes, which has an impact on schools, public infrastructure and quality of life issues.

The respected Arkansas banking executive also said it pains him to know that his hometown is not in a position to fully compete for future jobs against other communities where the fast-growing financial concern has operations, including other similar sized towns in Arkansas, Tennessee, Missouri and Oklahoma. Some of the issues he said needs to be immediately addressed are the city’s declining tax base, the unsightly downtown area and failing public schools.

“We are going to make sure that we put tough questions on the table that will require tough answers,” the Simmons CEO said. “Assuming we have enough money to maintain parks, facilities and roads, we probably don’t have enough money to invest in those same areas. And the further down the road we go (without investing), the further behind we are going to be with the rest of the state (and region).”

The Simmons chairman said he is aggrieved by the sight of vacant buildings, railroad tracks and empty storefronts in the downtown areas of the South Arkansas city. He said he also stands with most Pine Bluff citizens on the issues of paying for future needs.

“We have to be realistic about how we can repurpose downtown,” he offered. “And the answer is not raising taxes.”

PUBLIC SCHOOL ISSUE
One one particular issue, Makris said city leaders need to realistically and honestly address is the city’s school system, which includes the Pine Bluff, Watson Chapel and Dollarway school districts.

“Only one of them have a permanent superintendent and all three have financial and academic problems,” Makris said adamantly. “It is time that we start talking about the consolidation of the Pine Bluff school districts. They may decide that’s not the best thing, but we are going to make sure it is put on the table.”

As a corporate executive, Makris says he understands how to take distressed assets and make them better. Through Simmons First strategic plan under the Arkansas banking executive’s leadership, the state’s third-largest bank has seen significant growth through the acquisition of both traditional and troubled banks under the care of the Federal Deposit Insurance Corp.’s failed bank program. Since December 2010, the Pine Bluff bank has more than doubled its total assets from $3.3 billion to $7.6 billion at the end of the third quarter, which ended Sept. 30.

Taking a page from the bank’s corporate strategy, the execution of the “Go Forward Pine Bluff” objectives will begin in January 2017 with a planned completion date of Dec. 31, 2018.

“It’s time for a comprehensive strategic plan that will guide this city into the next decade,” said Mary Pringos, chairman of the “Go Forward Pine Bluff” task force and a member of the Simmons First Foundation board. “For the plan to be successful, all sectors of the community must be involved in the planning process. What we don’t want is a report that will sit on a shelf and gather dust. The objective is to produce a plan that the community buys into, one that establishes clear, measurable goals and has concrete steps for achieving those goals.”

MEASURING SUCCESS
Tommy May, CEO of the Simmons First Foundation, said the group will measure its success in four ways. The first measure will be the group’s ability to recruit a fully inclusive planning team that has the capacity and desire to make recommendations in the next 12 months that likely will result in significant change.

“Second will be our ability to embrace the successes that came from the 20/20 effort and then focus our full attention on the difficult tasks that must be done to attract and retain jobs and families in Pine Bluff,” May continued. “Third will be our ability to pass the torch from the planning group to the appropriate organizations that will implement the plan in 2017 and 2018. Finally, will be our ability to identify resources that will fund the execution of the plan.”

In addition to Pringos and May, task force members will be Irene Holcomb, George Stepps, Byron Tate, Dr. Laurence Alexander, the Rev. Glenn Barnes, Chuck Morgan, Lou Ann Nesbitt and Catherine Smart.

Task force members will determine those who serve on four pillar steering committees. The task force also will approve plans and ensure there’s no overlap in plans. Carla Martin will chair the pillar groups. The four pillar groups and their chairmen will be:

• Economic development – Nick Makris
• Education – Scott Pittillo
• Infrastructure and government – Rosalind Mouser
• Quality of life – Dr. Kaleybra Morehead

Five core members for each pillar group will be selected by the task force. A task force member will serve on each pillar steering committee as a resource. Other participants will be selected through an application process. Applications to serve on the steering committees are available through the Simmons First Foundation. Applications will be accepted through Dec. 15. The steering committees will hold their first meetings in January and present a final plan by the end of November 2016.

The process will be facilitated by the Institute for Economic Advancement at the University of Arkansas at Little Rock and the institute’s executive director, Jim Youngquist.

“By growing the tax base, we will ensure that we can better fund city services and put an end to population loss,” Pringos said. “We’re at a turning point in this city, and development of the plan will get us moving in the right direction. We hope to be able to point to visible results. The bottom line is that the city must decide where it wants to go and then start down that path. The plan will be our road map for the future. Our ultimate goal is to make Pine Bluff a city that people want to call home.”