Arkadelphia’s Southern Bancorp Inc., holding company for Southern Bancorp Bank, has closed on its acquisition of FCB Financial Services Inc. and its wholly owned subsidiary, Premier Bank of Arkansas.
Financial terms of the transaction were not disclosed.
Premier Bank is a $213 million asset bank with three branches in Marion, West Memphis and Jonesboro. All of its locations will continue operating under the Premier Bank brand until early 2023, which is when the full conversion will take place.
Southern Bancorp Inc. CEO Darrin Williams said in a news release, “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 … We call it being ‘wealth builders for everyone,’ and we’re thrilled to introduce it in these new markets in 2023.”
In addition to Premier Bank, the Southern network includes three separate Community Development Financial Institutions: Southern Bancorp Inc., the $2.3 billion-asset Southern Bancorp Bank and the nonprofit Southern Bancorp Community Partners.
Premier Bank CEO Donny Underwood will continue serving in that capacity until the full conversion, then he will assume a new leadership role within Southern Bancorp.
Customers will begin receiving communications about the conversion later this year.
Stephens Inc. served as financial advisor and Friday, Eldredge & Clark, LLP served as legal advisor to Southern Bancorp. DD&F Consulting Group served as financial advisor to FCB Financial Services Inc.
