July 2006
He was just 8 years old when his life was turned upside down by the death of his mother. Left behind with his father, who suffered from his own health problems, a young Roy W. Simmons was sent to live with a family friend. Despite these set-backs, Simmons couldn't be stopped.
With a hard work ethic and a will to win, he started small businesses as a child working at a gas station and later selling vegetables from the back of a wagon. From humble beginnings, Simmons took those early experiences and blossomed into a leader in the business industry. Simmons died May 9, 2006, leaving behind an incredible legacy.
"His life was unbelievable," says Larry Page, Simmons' LDS bishop. "He was the American Dream. He was in business from 8 years old on. Roy was such a hard worker."
Best known for developing the small LDS Church-owned Zions First National Bank into one of the top financial institutions in Utah, Simmons got his start working with his father-in-law at The First National Bank of Layton. Simmons had tried selling life insurance, and worked as a copyboy at The Salt Lake Tribune before he joined his wife Elizabeth (Tibby) at the bank. His business acumen quickly carried him to the top of the banking industry, and in 1949 he was named Commissioner of Financial Institutions for Utah, making him one of the youngest such commissioners in the nation.
In 1952 he helped found the Bank of Utah, serving as executive vice president and manager. The next year, Simmons joined The Lockhart Company which under his direction became a leading consumer finance company. When the opportunity to buy the majority interest in Zions came up, Simmons jumped at the chance, becoming president and CEO. Through the years, Simmons increased the bank's assets from $150 million to more than $3 billion. He turned over the helm to his son Harris Simmons in 1990, but continued on as Zions Bancorp board chairman until his retirement in 2002.
Simmons was also involved in other community activities and sat on several boards of companies such as Kennecott Copper Corporation, Denver and Rio Grande Western Railroad, Questar Corporation, O.C. Tanner Company, the University of Utah Board of Trustees and helped found the Utah State Board of Regents.
"Roy was a great businessman, leader, friend and trusted associate," says Don Ostler, who served with Simmons on the O.C. Tanner Company board. "He had a strong loyalty to O.C. Tanner. Mr. Tanner wanted to perpetuate his company to remain private for 100 years or more without outside interests. Zions Bancorp played a small role in that plan with Roy's help. He brought such an important dimension to the board."
At one point Simmons suggested that Tanner make a video recording of himself speaking to future workers of the company. "Mr. Tanner gave a wonderful explanation of the company with an introduction by Roy," Ostler says. "Roy made a distinctive contribution to the board. He was not confrontational. He was reserved but wise. Roy would just listen and digest everything that was said, then share his wisdom born of his experience and good judgment. He was respected by all."
More than business, Simmons valued his family and church. "There was nobody better than Tibby and Roy Simmons," Page says. "He served as our stake patriarch and was always willing to do anything we asked of him. He was humble and loving clear to the end. Still asking 'What can I do?' Tibby was also an extremely hard worker. One time Tibby came to me and said, 'My health isn't the greatest, but I can scrub floors, clean toilets or whatever you want me to do.'"
The Simmonses worked hard, but they were also very social. "They would have an adult ward party at their house every year," recalls Page. "Roy would invite the whole ward over. During the day, families could come and swim. He'd spend all day cooking hamburgers and hot dogs."
Although the Simmons family was well off, they never flaunted it, but used their wealth to help others in need. "Roy gave away millions, but it was always anonymously," says Page. When our ward needed help he would donate, and he always hired the kids in the ward so that they would have work. Even if they weren't the best workers he would talk to them and help them along. Sometimes he made up work so that everyone would have a job."
One such teenager who benefited from Simmons' offer for work was Noall Bennett, now the president and CEO of The First National Bank of Layton. "He invited me to get into the banking business in high school," says Bennett. "I worked with him for 25 years and was a good friend of the family. He was a very supportive person and very generous. Roy didn't want recognition for his donations. He used to tell me that 'the only thing you get out of having your name on a building is more requests for donations.'"
Bennett recalled having lunch with Simmons a couple of times. "He could afford to eat anywhere," Bennett says. "But we just went to the ZCMI mall food court and had a hot dog or pizza. Roy was very private and didn't like to be 'seen.' He said the only reason to go to the Alta Club was to be 'seen.' So he didn't go."
Bennett credits Simmons for much of his success. "He encouraged and supported me. I used the training Roy gave me in business."
Simmons passed on his hard work ethic to his children and grandchildren. Having not had the opportunity to graduate from college himself, education became a priority for his family. "Roy's daughter lives in our ward too," Page says. "She is very concerned that her children know how to work. Education was always important, and Roy made an effort to educate his family at the best places."
All six Simmons children graduated from the University of Utah, four of whom went on to receive MBAs from Harvard Business School.
In his dealings with Zions, Simmons became friends with many dignitaries from the LDS Church. "If I was in charge of getting a speaker, he would invite general authorities," laughs Page. "He was close friends with President Harold B. Lee and President Howard W. Hunter. He had pictures of himself with several prophets."
His close association with the First Presidency of the Church was obvious from those in attendance at his funeral. LDS President Gordon B. Hinckley, President Thomas S. Monson, First Counselor in the First Presidency, President James E. Faust, Second Counselor in the First Presidency and President Boyd K. Packer, acting President of the Quorum of the Twelve Apostles were all at the funeral to pay their respects to this imposing yet self-effacing man.
"I think what always impressed me the most about Roy was his love for his wife," Page says. "They were like a couple of newlywed kids. I would see them holding hands, and as Tibby's health begin to fail, he would help her so lovingly at church. I think their love just increased as time went on. Roy was from the old school. He had integrity, and there are not many people like him anymore. He lived like he preached." v
Post a Comment
