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“I am honored to join the leaders of some of the nation’s leading financial institutions, corporations, and nonprofits in this collective effort to chart a national path forward for our economy following the coronavirus pandemic,” said Williams.

Last week, Williams joined chief executives from some of the nation’s largest financial institutions on a video conference with President Trump, Secretary Mnuchin and other administration officials to discuss the industry’s responses to COVID and its efforts to administer the Paycheck Protection Program (PPP). The PPP provides a forgivable loan for up to eight weeks of payroll to incentivize small businesses to retain their employees during this shutdown. Southern Bancorp was the only Community Development Financial Institution (CDFI) on the call, which included Goldman Sachs, Bank of America, JP Morgan Chase, Citigroup, MasterCard, Visa and Wells Fargo.

During the call with the Administration, Williams shared that Southern Bancorp is a Community Development Financial Institution focusing a majority of its work on building wealth in low-to-moderate income communities. Typically in economic downturns, cuts in lower wealth communities are deeper and they last longer than wealthier communities.

Williams requested that future stimulus aid include carve out funding for CDFIs, Minority Depository Institutions and small community banks, who have a proven track record of promotingeconomic stabilization, job preservation and job creation in the hardest hit rural, urban and Native American communities.”

“As I work with President Trump and his Administration on this industry revival group, I look forward to bringing the needs of rural and underserved communities to the table as we discuss the best course of action for bringing this country back – for everyone,” Williams concluded.

White House Press Release: President Donald J. Trump Announces Great American Economic Revival Industry Groups

About Southern Bancorp

Southern Bancorp, Inc., a bank holding company; Southern Bancorp Community Partners, a 501(c)(3) development finance and lending organization; and Southern Bancorp Bank, one of America’s largest rural development banks; were founded in 1986 by a group of business, political and philanthropic leaders who were concerned about the economic decline of rural Arkansas. All three entities are U.S. Treasury certified Community Development Financial Institutions (CDFIs) collectively known as “Southern.” With $1.5 billion in assets, 65,000 customers and 48 locations in Arkansas and Mississippi, Southern invests in people and businesses in rural communities; empowers them to improve their lives; and helps them transform their communities. Southern is a Certified B Corp, Benefit Corporation, and proud member of the Global Alliance for Banking on Values. Learn more about Southern on the web at &