Little Rock, Ark. – Square, Inc. announced this week the allocation of $25 million as part of its $100 million investment to minority and underserved communities. Southern Bancorp, Inc., one of the nation’s original Community Development Financial Institutions (CDFIs) serving the Mid-South, was an investee, with Square, Inc. making an equity investment.
“Like the millions of voices raised in protest following the murder of George Floyd, countless corporations voiced their own outrage and support for racial equality. However, when words begged for action, only a few pledged to address those inequities,” said Darrin Williams, Southern Bancorp, Inc. CEO. “Square is showing the country how profits can coincide with purpose, by investing in companies like ours that are committed to closing the racial wealth gap by building communities and changing lives. It’s about leading the way for corporate America to move beyond words and toward action.”
Within Square, Inc.’s announcement, they shared their Racial Equity and Social Impact Investment memo, which outlines the process they undertook in creating their $100 million investment plan to help guide other organizations looking to make similar commitments.
“We are appreciative to Square, Inc. for both their commitment and their vision for reaching minority and underserved communities,” said Williams. “This investment will allow us to further expand our reach and impact to underserved communities, undercapitalized small businesses, and underbanked families seeking to build wealth for a better future. We encourage like-minded companies seeking to leverage investment capital in the fight to close the racial wealth gap and rebuild communities following the pandemic to consider joining us and other CDFIs and MDIs working to make a difference.”
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 $1.9 billion asset organization with 52 locations serving 65,000 customers across two states with 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 Financial Development 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.