For the second year in a row, the Consumer Federation of America has awarded Southern Bancorp with the America Saves Designation of Savings Excellence, for going above and beyond to promote savings in Arkansas and Mississippi, particularly during America Saves Week 2018 (February 26 – March 3). During the week, American families were encouraged to save automatically and provided with financial tools to help them prepare for major life events.
“At Southern Bancorp, we believe saving is key to building wealth and a strong financial foundation, which is why we made it one of our primary goals to empower one million people to save over the next ten years,” said Darrin Williams, Southern Bancorp Inc., CEO. “We are proud of both our work to promote savings during America Saves week and our partnership on this project with the Consumer Federation of America.”
During tax season, Southern utilized its Volunteer Income Tax Assistance program and savings sweepstakes, Split, Save Win!, to encourage filers to save part of their refund. 119 VITA participants saved part of their refund and entered for a chance to be a $50 weekly winner and an overall $1,000 grand prize winner.
Southern also worked with Arkansas and Mississippi leaders to officially proclaim February 26 – March 3 to be each state’s official “Saves Week.”
Southern Bancorp is one of 15 banks, 17 credit unions, and five military-affiliated organizations receiving the America Saves Designation of Savings Excellence in 2018. The press release announcing the winners of the 2018 America Saves Designation of Savings Excellence can be found here:
America Saves Designation of Savings Excellence
About Southern Bancorp:
Southern Bancorp, Inc., a bank holding company; Southern Bancorp Community Partners, a 501(c)(3) development finance and lending organization; and Southern Bancorp Bank, one of America’s largest rural development banks; were founded in 1986 by then Governor Bill Clinton, former Walmart Chair Rob Walton, the Winthrop Rockefeller Foundation and others who were concerned about the economic decline of rural Arkansas. All three entities are U.S. Treasury certified Community Development Financial Institutions (CDFIs) collectively known as “Southern.” With $1.2 billion in assets, 80,000 customers and 44 locations in Arkansas and Mississippi, Southern invests in people and businesses in rural communities; empowers them to improve their lives; and helps them transform their communities. Learn more about Southern on the web at www.banksouthern.com and www.southernpartners.org.
About America Saves:
America Saves is a campaign managed by the nonprofit Consumer Federation of America that uses the principles of behavioral economics and social marketing to motivate, encourage, and support low- to moderate-income households to save money, reduce debt, and build wealth. America Saves encourages individuals and families to take the America Saves pledge and organizations to promote savings year-round and during America Saves Week. Learn more at americasavesweek.org.