LITTLE ROCK, Ark. – Southern Bancorp today announced it has completed the acquisition of the Delta Trust & Bank (“Delta Trust”) branch located in Eudora, Ark. The branch was acquired through a donation by Simmons First National Corporation (“Simmons First,” NASDAQ-GS: SFNC), which completed its acquisition of Delta Trust in August.
“We’re ready to hit the ground running,” said John Olaimey, CEO of Southern Bancorp Bank. “Southern is uniquely qualified to serve the Eudora community because as a U.S. Treasury certified Community Development Financial Institution, bringing responsible financial services to underserved, rural communities is our mission. We’re committed to creating economic opportunity across our markets, and I’m happy to welcome Eudora to that family.”
As prescribed by federal regulations, Simmons First’s acquisition of Delta Trust, and subsequently its Eudora branch, resulted in their having too much market share within a defined market area because of their branches in Lake Village. This led to Simmons First’s proposal to donate the Eudora branch to Southern Bancorp, which has a successful history of serving rural communities with both financial and development services.
“This unique arrangement by Simmons First will ensure that the Eudora community continues to have responsible and responsive financial access, which is a vital component to any community’s growth and success,” Olaimey continued. “We’re thankful to Simmons First for their ‘outside-the-box’ solution and grateful for the trust they have placed in Southern.”
About Southern Bancorp, Inc.
Southern Bancorp, Inc. is one of America’s largest rural development banks and a U.S. Treasury certified Community Development Financial Institution (CDFI) with approximately $1.1 billion in assets, serving over 80,000 customers at 39 branches in both Arkansas and Mississippi. Southern invests in people and businesses in rural communities; empowers them to improve their lives; and helps them transform their communities. Additional information is available at banksouthern.com & southernpartners.org