After the biggest financial crisis since the Great Depression, taxpayers demanded Congress rein in the reckless and excessive Wall Street behaviors that helped cause the 2008 financial crisis. Freshman Arkansas Congressman French Hill clearly didn’t get that memo. Recent reports show that after his election to Congress, Rep. Hill was paid $1.3 million – including an $885,000 “bonus” – when he resigned from Simmons Bank. This payout follows the $2.1 million he received when Simmons acquired Delta Trust, and all the while, several of his employees faced potential layoffs or resigned to avoid 30 percent pay cuts.
“While Rep. French Hill’s employees were facing possible layoffs or scrambling to find new jobs rather than accept brutal pay cuts, Hill was negotiating the sale of his bank and his own resignation packaged that included a nearly $900,000 bonus,” said DCCC spokesman Matt Thornton. “Congressman Hill brought the Wall Street model of profit to Arkansas, and he clearly can’t be trusted to look out for Arkansas families in Washington.”
BACKGROUND
Hill Earned More Than $1.3 Million After Resigning From Simmons Bank. “Executive Vice President J. French Hill earned a total of $1,313,930 last year, with a salary of $70,764, a bonus of $885,300, stock awards of $296,700, non-equity incentive plan compensation of $56,640 and all other compensation of $4,526, according to the filing. Hill resigned from Simmons on Dec. 31, 2014, after being elected to the United States House of Representatives for Arkansas’ 2nd District.” [Pine Bluff Commercial, 5/05/15]
Hill Received $2.1 Million At Time of Simmons Acquisition. “At the time of the Simmons acquisition, Hill received $2.1 million for his 3.14 percent stake in Delta Trust’s holding company. He also received $1.5 million for his warrants for 5,343 shares of Delta Trust & Banking stock and his options for another 800 shares. That payday also included $422,325 for the accrued value of his supplemental executive retirement plan.” [Arkansas Business, 5/06/15]
Delta Trust Employees Received Notice In July 2014 That They Might Be Laid Off, And In October Eight Employees Left Rather Than Take 30 Percent Pay Cut. “Some of Hill’s former colleagues at Delta Trust can’t rest so easily. As Arkansas Business also has reported, a number of employees were notified in July that they might lose jobs, though a precise number wasn’t revealed. More recently, AB reported that eight employees had left Delta’s mortgage division rather than take 30 percent pay cuts.” [Arkansas Times, 10/14/14]
Median Income Of Arkansas’ 2nd Congressional District Is $46, 493. [census.gov, accessed 5/11/15]