Southern Bancorp Receives $2 Million From Treasury

Southern Bancorp Inc. said it has been awarded $2 million, the maximum available under the financial assistance program of the U.S. Treasury’s Community Development Financial Institutions (CDFI) fund.

The competitive awards, which are presented after a rigorous evaluation based on a CDFI’s abilities and success in providing financial access to underserved communities, totaled just over $200 million to 195 organizations.

“We are honored to have been chosen as a 2015 CDFI Fund award recipient,” said Darrin Williams, CEO of Southern Bancorp, Inc. “This award will be used to further Southern’s mission of creating economic opportunity by increasing lending capacity in our communities, with a focus on providing much-needed financing to entrepreneurs who are growing their businesses and creating jobs.”

The annual financial awards are one of the ways that the CDFI Fund fulfills its purpose of investing in CDFIs by helping them build capacity and serve underserved communities who lack access to responsible and responsive financial services.

As one of the nation’s first financial institutions to be designated as a CDFI, Southern Bancorp has a long history of working with the Fund to ensure financial access to its communities in Arkansas and Mississippi.

“For three decades, Southern Bancorp has served some of rural America’s most economically distressed communities, not only because it is our mission, but because we believe that those communities – and the families living within them – matter,” said Williams. “This award will provide additional resources to help entrepreneurs get off the ground, help existing businesses grow, and help families build the net worth necessary to create generational financial strength.”

Southern Bancorp announced earlier this month that it had crossed the $2.5 million mark in new capital to expand its lending.