The Arkansas-based CDFI is one of 14 banks to receive investments from the nation’s largest financial institution
Little Rock, Ark. – JPMorgan Chase, the nation’s largest financial institution, today announced that Southern Bancorp, Inc., an Arkansas-based Community Development Financial Institution (CDFI), is one of fourteen to receive a multi-million dollar equity investment as part the company’s $100 million commitment to minority-owned and minority-led financial institutions, which is in turn part of the company’s $30 billion racial equity commitment. Investment details are not being disclosed.
“While many of corporate America’s leaders issued statements of condemnation after the murder of George Floyd, a select few made significant pledges to put their vast resources to work through organizations and institutions well-suited to serving communities of color,” said Darrin Williams, Southern Bancorp, Inc. CEO. “I applaud JPMorgan Chase for their significant commitment, and in turn we pledge to leverage their investment into developing new wealth building opportunities for minorities throughout our markets and expanding our impact into new communities.”
Additionally, JPMorgan Chase announced that investment recipients would also receive access to Chase’s 16,000 ATMs beginning November 1st, 2021, allowing Southern Bancorp customers to make withdrawals free of charge.
To view the full news release from JPMorgan Chase, visit https://www.jpmorganchase.com/news-stories/jpmorgan-chase-expands-investment-in-diverse-owned-and-led-financial-institution-more-than-100-million
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.