Investing in Arkansans Southern Bancorp Gives Back With $2 Million CDFI Fund Award Southern Bancorp Inc., one of the nation’s largest Community Development Financial Institutions (CDFI), was awarded $2 million, the maximum available under the Financial Assistance program of the U.S. Treasury’s CDFI Fund. The competitive awards, which are presented after a rigorous evaluation based on a CDFI’s abilities and success in providing financial access to underserved communities, totaled just over $200 million to 195 organizations in 2015. The CDFI Program invests in and builds the capacity of financial institutions serving rural and urban communities across the nation that lack adequate access to affordable financial products and services. Since 1996, the CDFI Fund has awarded more than $1.5 billion, helping build a nationwide network of more than 950 CDFIs located in every state, all focused on economically empowering the communities they serve. There are currently nine CDFI-Certified financial institutions in Arkansas, including all three of Southern’s entities, including Southern Bancorp, Inc., the bank’s holding company; Southern Bancorp Bank; and Southern Bancorp Community Partners; Arkansas Capital Corporation, Little Rock; the Bank of
Lake Village, Lake Village; Communities Unlimited, Inc., Fayetteville; Fordyce Bank & Trust Company, Fordyce; FORGE, Inc., Hutsville; and Southeast Arkansas Bank Corporation, Lake Village “These important community partners are not only on the frontlines of economically distressed communities providing needed capital and credit, they are building a more inclusive economy which benefits the nation as a whole,” said CDFI Fund Director Annie Donovan, with the announcement of the 2015 award recipients in September. “These awards highlight how much the CDFI Program has contributed in its 20 year history towards building a strong network of CDFIs across the country.” As one of the nation’s first financial institutions to be designated as a CDFI, Southern Bancorp has a long history of working with the Fund to ensure financial access to its communities in Arkansas and Mississippi. “We are honored to have been chosen as a 2015 CDFI Fund award recipient,” said Darrin Williams, CEO of Southern Bancorp, Inc. “This award will be used to further Southern’s mission of creating economic opportunity by increasing lending capacity in our communities,
with a focus on providing much-needed financing to entrepreneurs who are growing their businesses and creating jobs.” Southern has received awards three out of the last four years, and has a track record of providing access to credit and banking services to underserved communities. Since the start of 2011, Southern has had more than 6,000 new loan customers, including small businesses, sole proprietorships, and individuals; the bank’s loan portfolio has grown from $612 million in 2011 to more than $814 million today, with the majority of those loans being made in underserved, economically distressed communities. Southern’s community services, including financial education and empowerment programs, have also grown during this time period. For example, the bank’s free tax preparation program has grown to
In 2014, at the age of 63, Vernetha Jackson of Helena-West Helena realized her dream of homeownership. She worked with Southern Bancorp Community Partners to improve her financial know-how, understand the home buying process and later get a mortgage that fit her needs. Mrs. Jackson is a great example of how lives are changed through Southern’s work as a CDFI. To hear Mrs. Jackson’s story and others, visit www.banksouthern.com/stories. Click here to hear more about Mrs. Jackson’s story!
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The Arkansas Banker | October 2015
