Arkadelphia, Ark.-based Southern Bancorp Bank is acquiring the $200 million Premier Bank of Arkansas.
The acquisition, expected to close in the second quarter of this year, will increase the number of Southern Bancorp locations across Arkansas and Mississippi to 54. Premier Bank of Arkansas has three branches, in Marion, West Memphis and Jonesboro, Ark.
“We are excited to introduce the Premier Bank team and its customers to Southern Bancorp’s mission-driven approach to banking,” said Darrin Williams, Southern Bancorp CEO. “We have a long history of helping people along their wealth building journey — no matter their starting point — by providing access to capital, responsible bank products, and responsive financial development services such as financial education, credit coaching, and homebuyer counseling, and we look forward to extending that tradition into Premier Bank’s communities.”
The Southern organization includes three Community Development Financial Institutions: Southern Bancorp, Inc., bank holding company of the $2 billion bank; the bank itself; and Southern Bancorp Community Partners, a 501(c)(3) development finance and lending organization.
“For nearly 25 years, Premier Bank’s focus has been on serving and supporting our communities’ financial growth,” said Premier Bank CEO Donny Underwood. “Joining with Southern Bancorp and their mission-focused approach to banking will allow us to greatly expand our services and reach even more families who would benefit from increased access to capital and financial development. Their focus on ‘wealth building for everyone’ is one that can have both a deep and wide impact throughout our markets, and I look forward to joining our proud tradition with theirs.”
Stephens, Inc. served as financial advisor, and Friday, Eldredge & Clark, LLP served as legal advisor to Southern Bancorp. DD&F Consulting Group served as financial advisor to FCB Financial Services, Inc.