Southern Bancorp, Inc. of Arkansas has closed on its acquisition of FCB Financial Services, Inc. and its wholly owned subsidiary, Premier Bank of Arkansas, a $213 million asset bank with three branches operating in Marion, West Memphis, and Jonesboro, Arkansas.
All three Premier locations will continue operating under the Premier Bank brand until early 2023 when a full conversion will take place.
Terms of the transaction were not disclosed.
“We are excited to welcome Premier Bank’s outstanding team to Southern Bancorp,” said Southern Bancorp Inc. CEO Darrin Williams. “Not only are Premier Bank’s markets closely aligned with us geographically, with many existing Southern branches located nearby, but they are also mission-aligned, with numerous opportunities in each community to introduce our unique brand of development banking to new and existing customers. We call it being ‘wealth builders for everyone,’ and we’re thrilled to introduce it in these new markets in 2023.”
As one of America’s oldest and largest community development banks, Southern Bancorp blends traditional banking products with financial development services such as credit and housing counseling and financial education. It has 54 locations with the Premier move.
“We are excited to join the Southern Bancorp team and thrilled to begin preparations for introducing our customers and communities to a wide new range of tools to support their financial journey,” said Donny Underwood, Premier Bank CEO. “For nearly 25 years, we have proudly served our markets by prioritizing customer service and experience, and we are beyond delighted to merge that commitment with Southern Bancorp’s mission to be wealth builders for everyone.”
Underwood will continue serving as Premier Bank’s CEO until the full conversion takes place in early 2023, at which time he will assume a new leadership role within Southern Bancorp.
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.