Southern Bancorp Inc. has closed on its acquisition of FCB Financial Services Inc. and its wholly owned subsidiary, Premier Bank of Arkansas.
Terms of the transaction were not disclosed. All three Premier locations will continue operating under the Premier Bank brand until early 2023, when a full conversion will take place, according to a press release issued Wednesday.
Premier is a $213 million-asset bank with three branches, located in Marion, West Memphis and Jonesboro. Southern Bancorp, based in Arkadelphia, is a Community Development Financial Institution (CDFI) with 54 locations in Arkansas and Mississippi.
“We are excited to welcome Premier Bank’s outstanding team to Southern Bancorp,” said Southern Bancorp Inc. CEO Darrin Williams. “Not only are Premier Bank’s markets closely aligned with us geographically, with many existing Southern branches located nearby, but they are also mission-aligned, with numerous opportunities in each community to introduce our unique brand of development banking to new and existing customers. We call it being ‘wealth builders for everyone,’ and we’re thrilled to introduce it in these new markets in 2023.”
Southern Bancorp is one of America’s oldest and largest community development banks. In addition to Premier Bank, the Southern organization consists of three separate CDFIs working together for a common mission — Southern Bancorp Inc., a bank holding company; Southern Bancorp Bank, a $2.3 billion-asset community development bank; and Southern Bancorp Community Partners, a 501(c)(3) development finance and lending organization.
“We are excited to join the Southern Bancorp team and thrilled to begin preparations for introducing our customers and communities to a wide new range of tools to support their financial journey,” said Donny Underwood, Premier Bank CEO. “For nearly 25 years, we have proudly served our markets by prioritizing customer service and experience, and we are beyond delighted to merge that commitment with Southern Bancorp’s mission to be wealth builders for everyone.”
Underwood will continue serving as Premier Bank’s CEO until the full conversion takes place in early 2023, at which time he will assume a new leadership role within Southern Bancorp, according to the release. Premier customers can visit BankSouthern.com/Premier for more information on the conversion.
Stephens Inc. served as financial advisor and Friday, Eldredge & Clark LLP as legal advisor to Southern Bancorp through the transaction. DD&F Consulting Group served as financial advisor to FCB.
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