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Southern Bancorp to Buy Premier Bank of Arkansas

2 min read

Southern Bancorp Inc. of Little Rock announced Monday that it’s buying Premier Bank of Arkansas, a bank with $200 million in assets and three branches in Marion, West Memphis and Jonesboro.

Terms of the transaction were not disclosed.

The deal is expected to close in the second quarter of 2022, the banks said in a news release. It will increase the number of Southern Bancorp locations across Arkansas and Mississippi to 54.

Premier Bank, a subsidiary of FCB Financial Services Inc., was founded in 1998 by a group of about 170 local investors with an initial investment of $3.8 million. 

Premier Bank CEO Donny Underwood said the bank has focused on “serving and supporting our communities’ financial growth,” which aligns with Southern Bancorp’s mission.

“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,” he said in the release. “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.” 

Southern Bancorp is a certified Community Financial Development Institution. It’s a holding company for Southern Bancorp Bank, which has over $2 billion in assets and more than 65,000 customers.

“We are excited to introduce the Premier Bank team and its customers to Southern Bancorp’s mission-driven approach to banking,” Southern Bancorp CEO Darrin Williams said. “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.”

Southern Bancorp acquired Arkansas County Bank of DeWitt last year for $26.1 million. 

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