March 23, 2023

Southern Bancorp completes acquisition of Premier Financial institution in Northeast Arkansas

Southern Bancorp, Inc., a Group Improvement Monetary Establishment (CDFI) and the holding firm for Southern Bancorp Financial institution, introduced Wednesday (Feb. 22) the conversion of FCB Monetary Providers, Inc. and its wholly-owned subsidiary, Premier Financial institution of Arkansas.

The Jonesboro, Marion, and West Memphis branches of Premier Financial institution at the moment are working as Southern Bancorp.

“We’re thrilled to formally welcome Premier Financial institution’s group and prospects to the Southern Bancorp model,” stated Darrin Williams, CEO of Southern Bancorp, Inc. “We’ve got an extended historical past of making financial alternatives in our communities, irrespective of one’s place to begin or monetary historical past. Including three new branches in three new markets means extra folks will now have entry to our distinctive, mission-focused model of banking.”

Southern Bancorp and Premier Financial institution introduced the acquisition settlement in January 2022. It was finalized by way of board and regulatory approvals in June 2022. Since then, each events have been working to make sure a easy transition for Premier Financial institution’s present workers and prospects.

“For 20 years, Premier Financial institution has labored to serve and help the monetary development of our communities, and this transfer represents a development of that function,” stated Donny Underwood, former Premier Financial institution CEO who now serves as a Division President at Southern Bancorp, a place wherein he’ll proceed to handle the previous Premier Financial institution markets. “Becoming a member of the mission-focused strategy of Southern Bancorp not solely aligns with our values but additionally permits us to broaden our providers to succeed in much more folks in our communities who would profit from elevated entry to capital and monetary improvement.”

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Southern Bancorp consists of three separate CDFIs working collectively, together with Southern Bancorp, Inc., a financial institution holding firm; Southern Bancorp Financial institution, a group improvement financial institution; and Southern Bancorp Group Companions, a 501(c)(3) nonprofit mortgage fund.

With the addition of the Jonesboro, Marion, and West Memphis areas, in addition to latest additions in Canton, Miss., and Little Rock, Southern Bancorp now operates 56 areas throughout Arkansas and Mississippi.

CEO Darrin Williams was on this week’s version of Speak Enterprise & Politics, which you’ll be able to examine or view right here.