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Acquisition will expand Southern Bancorp’s footprint and expand its asset size to nearly $5 billion
Little Rock, Ark. – Southern Bancorp, Inc., a Community Development Financial Institution (CDFI) and holding company for Southern Bancorp Bank, has entered into an agreement to acquire Ozarks Heritage Financial Group, Inc., and its wholly owned subsidiary, Legacy Bank and Trust, a $1.9 billion asset CDFI headquartered in Springfield, Mo.
“We are excited to welcome the Legacy team, its customers, and its communities to Southern Bancorp,” said Darrin Williams, CEO of Southern Bancorp, Inc. “For nearly four decades, our purpose and principles have centered around ensuring everyone in our communities has access to the capital, tools, and services needed to build wealth and achieve financial opportunity. With the addition of the phenomenal team at Legacy, we look forward to expanding our collective resources – and impact – to even more people and places who can benefit from them.”
Founded in 1986, Southern Bancorp is one of America’s oldest and largest CDFIs and blends traditional banking products with a slate of financial development services beyond the typical banking mold. From free tax preparation to credit building and small business support to financial counseling, Southern Bancorp’s model is aimed at ensuring everyone in a community has access to the tools and resources needed to build wealth.
As a CDFI itself, Legacy’s focus is also on creating opportunities where they’re needed most.
“When we opened our doors in 2002 with a single branch in Plato, Missouri, and $18 million in assets, our mission was clear: to serve our community with integrity, heart, and a steadfast commitment to making a difference,” said Chris Harlin, Chairman of Ozarks Heritage Financial Group. “I believe we’ve fulfilled that mission – and more. Joining a nationally recognized, mission-driven institution like Southern Bancorp represents an exciting new chapter in our journey, one that will expand our reach and deepen our impact.”
Legacy Bank and Trust now operates in 10 locations across Missouri, Oklahoma, and Texas, with a staff of nearly 200.
“Today marks an exciting milestone for Legacy and stands as a testament to the exceptional work of our community-focused team,” said John Everett, President and CEO of Legacy. “Their unwavering commitment to serving our customers with compassion and professionalism has brought us to this moment. With the expanded resources and shared mission of Southern Bancorp, I’m confident we’ll achieve even greater impact in the communities we serve.”
The acquisition, which is subject to regulatory and shareholder approval, is expected to close in the fourth quarter of 2025. JPMorgan Chase served as financial advisor and Nelson Mullins served as legal advisor to Southern Bancorp in connection with the transaction. Stephens Inc. served as financial advisor and Stinson, LLP served as legal counsel to Ozarks Heritage Financial Group, Inc. Terms of the transaction are not being disclosed.
About Southern Bancorp
Founded in 1986 by some of the nation’s leading political, business, and philanthropic leaders with an initial investment of $10 million, Southern Bancorp, Inc., along with its development partners – Southern Bancorp Bank and Southern Bancorp Community Partners – has grown into a $2.8 billion asset organization with 56 locations serving customers throughout the South. Southern Bancorp has a unique array of financial products and services designed to help individuals at all stages of life’s financial journey – from teaching kids how to save to helping entrepreneurs and families realize the American Dream. Southern Bancorp is a certified Community Development Financial Institution, certified B-Corp, and proud member of the Global Alliance for Banking on Values. Learn more at www.BankSouthern.com and www.SouthernPartners.org.
About Legacy Bank and Trust
Legacy is a $1.9 billion community bank founded in 1907 and acquired in 2003 by Ozarks Heritage Financial Group. Legacy Bank and Trust currently operates branches in Missouri, Oklahoma, and Texas. Since our first bank opened its doors, our vision has been to surpass standards in banking for our customers as well as local businesses, so they can help our communities thrive. Legacy Bank and Trust exists to serve as the financial leader in economic and community development by providing financial products and services to underserved populations within our service areas. As a Community Development Financial Institution, our mission is to provide economic opportunities to underserved communities. Legacy Bank and Trust is a Missouri-based commercial bank that is led by its Chairman, Chris Harlin, and its President and CEO, John Everett. Learn more at www.legacybankandtrust.com.