Award will allow Southern to extend and increase financial development services and high impact lending in economically-distressed markets
Little Rock, Ark. – Southern Bancorp, Inc., a bank holding company working alongside Southern Bancorp Bank, one of the nation’s largest community development banks, and Southern Bancorp Community Partners, a 501(c)(3) loan fund and financial development organization, to create opportunity in some of the nation’s most economically distressed and underserved markets, has been awarded $1 million through the Financial Assistance program of the U.S. Treasury’s CDFI Fund.
“We are honored that once again, a Southern Bancorp company has been selected to receive a financial award from the CDFI Fund,” said Darrin Williams, CEO of Southern Bancorp, Inc. “These awards, which are given to support CDFIs in their efforts to increase lending and investment activity in low-income and economically distressed communities across the nation, are critical for our mission to serve rural towns and undercapitalized communities. They are an important asset in helping us further our goal of being wealth builders for everyone.”
The 2017 awards were presented after a rigorous evaluation based on a CDFI’s abilities and success in providing financial access to underserved communities. This year’s awards totaled just over $208 million and were presented to 303 organizations from across the country. This is the 18th award for a Southern Bancorp entity since 1996.
To learn more about the CDFI Fund and its financial award program, 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 then Governor Bill Clinton, Walmart Chair Rob Walton, the Winthrop Rockefeller Foundation and others 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 $1.2 billion in assets, 80,000 customers and 46 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 $2.2 billion to CDFIs, community development organizations, and financial institutions through the CDFI Program, the NACA Program, the Bank Enterprise Award Program, the Capital Magnet Fund, and the Financial Education and Counseling Pilot Program. In addition, the CDFI Fund has allocated $43.5 billion in tax credit allocation authority to Community Development Entities through the New Markets Tax Credit Program, and $852 million has been guaranteed in bonds through the CDFI Bond Guarantee Program. Learn more about the CDFI Fund and its programs at www.cdfifund.gov.