Three decades ago, some of rural America’s most underserved communities found an economic development ally in the formation of the Southern Development Bank Corporation, now known as Southern Bancorp. Visionaries such as Bill Clinton, Rob Walton, Mack McLarty, and the Winthrop Rockefeller Foundation spearheaded this initiative with an initial investment of around $10 million. The mission was clear: to create economic opportunity in distressed areas.
Since its inception, Southern Bancorp, Inc., along with its development partners – Southern Bancorp Bank and Southern Bancorp Community Partners, has evolved into one of the largest community development organizations in the United States. It serves as a model for a broader industry of mission-focused financial institutions known as Community Development Financial Institutions (CDFIs). Today, Southern Bancorp is a $2.6 billion asset organization, touching the lives of over 65,000 customers through 56 branches primarily located in underserved markets in the Mid-South.
Southern Bancorp’s dedication lies in expanding its impact and influence by delivering responsive, responsible, and innovative financial products to the unbanked and underbanked. The organization is not confined by physical market borders; it actively seeks strategic partnerships, exemplified by collaborations with the CDFI Fund and the Global Alliance for Banking on Values (GABV). Southern Bancorp continues to be a catalyst for positive change, leveraging its resources and partnerships to empower communities and foster economic growth.