More than thirty years ago, rural America gained an economic development partner when Bill and Hillary Clinton, Rob Walton, the Winthrop Rockefeller Foundation, and others came together around a central idea – that the economic challenges facing many rural communities could in part be addressed through the creation of a financial organization focused solely on serving the underserved. With an initial investment of $10 million, and a mission plus margin mindset, Southern Bancorp, Inc., along with its development partners – Southern Bancorp Bank and Southern Bancorp Community Partners, has grown to become one of the most effective and largest community development organizations in the United States as well as a model for an entire industry of mission-focused financial institutions known as Community Development Financial Institutions or CDFIs. The Southern Bancorp of today is a $2 billion asset organization with over 65,000 customers and 51 locations primarily in underserved markets like Southern Arkansas and the Mississippi Delta. Southern’s growth and strength can be attributed to its commitment to sustainably providing responsible, responsive and innovative financial products and development services that create real economic opportunity driven by building an individual’s net worth. It is this core belief that drives our efforts as studies have shown that as individuals build net worth, economic opportunity is not only created for them, but for the next generation as well. It’s an outward trending model that requires a catalyst – and in the case of rural America, that catalyst is Southern. Southern’s efforts to increase individual net worth focus on three specific goals that can help individuals create a roadmap to success. Entrepreneurship – Small business is the primary driver for Southern’s markets, and our comprehensive approach to entrepreneurial development and affordable, flexible business lending enables the success of locally-owned businesses, resulting in job creation. We do this through small business loans, entrepreneurial education, and workforce development services. Homeownership – Homeownership, based on responsible lending, remains a reliable means for families to increase their net worth and take advantage of non-financial benefits such as improved educational outcomes for children. Southern supports homeownership through affordable mortgages or housing counseling. Savings – To become economically empowered, families must move beyond the paycheck-to-paycheck lifestyle with a savings strategy that allows them to focus on goals such as going to college or buying a home. Southern supports savings through financial education and credit counseling, no or low-fee checking and savings accounts, matched savings accounts, free tax preparation services and public policy advocacy.
