Southern Bancorp, Inc. officially welcomed Farmers Bank of Hamburg into the Southern Bancorp family last week by closing on the acquisition announced in January. The community development financial institution and holding company for Southern Bancorp Bank had then announced it was entering into an agreement to acquire Farmers Bank for a combination of cash and common stock in Southern. The $42 million dollar asset institution becomes the 43rd branch in the Southern Bancorp network, which spans Arkansas and Mississippi.
“Hamburg is a perfect fit for Southern’s unique brand of banking,” said Southern Bancorp, Inc. CEO Darrin Williams. “As a mission-driven financial institution, we believe that everyone should have an opportunity to pursue the American Dream, regardless of zip code. That’s why we seek out communities that could benefit from our wide range of responsible banking products, flexible lending, and financial development tools that help us deliver on that mission – to be wealth builders for everyone.”
Bruce Timmons, a Hamburg resident with 43 years of banking experience who has most recently served as Southern Bancorp’s Market President for Eudora has assumed responsibility for the Hamburg market as well. Additionally, Kenny Allbritton, former Farmers Bank President, is continuing in a leadership capacity as Southern’s Hamburg City President.
Southern Bancorp, Inc., a bank holding company; Southern Bancorp Community Partners, a tax exempt lending and development organization; and Southern Bancorp Bank, one of America’s largest rural development banks were founded in 1986 by then Governor Bill Clinton, former Wal-Mart Chair Rob Walton, the Winthrop Rockefeller Foundation and others who were concerned about the economic decline of rural Arkansas. All three are U.S. Treasury certified Community Development Financial Institutions (CDFIs) collectively known as “Southern.” With $1.2 billion in assets, 80,000 customers, and 47 locations in Arkansas and Mississippi. On the web at banksouthern.com & southernpartners.org.