Southern Bancorp to acquire Premier Bank of Arkansas
by January 31, 2022 10:09 am 1,516 views
Southern Bancorp, Inc., announced Monday (Jan. 31) it will acquire FCB Financial Services, Inc. and its wholly-owned subsidiary, Premier Bank of Arkansas.
Terms of the deal were not disclosed.
Southern Bancorp is a Community Development Financial Institution (CDFI) and holding company for Southern Bancorp Bank, a $2 billion asset bank. Premier Bank of Arkansas is a $200 million asset bank with three branches operating in Marion, West Memphis, and Jonesboro.
“We are excited to introduce the Premier Bank team and its customers to Southern Bancorp’s mission-driven approach to banking,” said Southern Bancorp CEO Darrin Williams. “We have a long history of helping people along their wealth building journey – no matter their starting point – by providing access to capital, responsible bank products, and responsive financial development services such as financial education, credit coaching, and homebuyer counseling, and we look forward to extending that tradition into Premier Bank’s communities.”
“For nearly 25 years, Premier Bank’s focus has been on serving and supporting our communities’ financial growth,” said Premier Bank CEO Donny Underwood. “Joining with Southern Bancorp and their mission-focused approach to banking will allow us to greatly expand our services and reach even more families who would benefit from increased access to capital and financial development. Their focus on ‘wealth building for everyone’ is one that can have both a deep and wide impact throughout our markets, and I look forward to joining our proud tradition with theirs.”
The acquisition, which is subject to regulatory and shareholder approval, is expected to close in the second quarter of 2022.
It will increase the number of Southern Bancorp locations across Arkansas and Mississippi to 54.
Stephens Inc. served as financial advisor and Friday, Eldredge & Clark, LLP served as legal advisor to Southern Bancorp in connection with the transaction. DD&F Consulting Group served as financial advisor to FCB Financial Services, Inc.