LITTLE ROCK, ARK. – Southern Bancorp Bank, wholly owned subsidiary of Southern Bancorp, Inc. and one of the nation’s largest community development banks, has been selected to receive the maximum Bank Enterprise Award of $245,547 from the U.S. Treasury’s CDFI Fund for the fiscal year (FY) 2019. The BEA program provides monetary awards to FDIC-insured depository institutions that increase investments and lending in economically distressed communities.
“Southern Bancorp was founded to help strengthen underserved and rural communities by providing access to responsible and responsive capital, credit and financial development products and services,” said Darrin Williams, CEO of Southern Bancorp, Inc. “We appreciate the CDFI Fund for once again supporting our efforts to help families build wealth in the Mid-South.”
The CDFI Fund awarded over $25 million to 113 financial institutions across the nation, which are serving some of the most economically challenged communities in America. Southern Bancorp was one of only seven large banks (assets of $1.284 billion or greater) to receive a BEA award for FY 2019. To learn more about the CDFI Fund and its financial award programs, visit www.cdfifund.gov.
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 $1.4 billion in assets, 65,000 customers and 47 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. Learn more about Southern on the web at www.banksouthern.com & www.southernpartners.org.
About the CDFI Fund
Since its creation in 1994, the CDFI Fund has awarded more than $3.3 billion to CDFIs, community development organizations, and financial institutions through: the BEA Program; the Capital Magnet Fund, the Community Development Financial Institutions Program, including the Healthy Food Financing Initiative; the Financial Education and Counseling Pilot Program; and the Native American CDFI Assistance Program. In addition, the CDFI Fund has allocated $57.5 billion in tax credit allocation authority to Community Development Entities through the New Markets Tax Credit Program, and closed guaranteed bonds in the amount of $1.51 billion through the CDFI Bond Guarantee Program. To learn more about the CDFI Fund and its programs, please visit the CDFI Fund’s website at www.cdfifund.gov.