Southern Bancorp Hosts Grand Opening Event in Canton

Southern Bancorp Bank, a Community Development Financial Institution (CDFI), celebrated its first location in Canton with a Grand Opening celebration on Wednesday, April 26. The event, to which the entire community was invited, was held at the bank’s Canton branch, and featured free lunch for all attendees, more than $1,000 in prizes, and remarks from leaders of the bank and the local community. 

“We’re excited to have officially opened the door to our unique style of banking for members of the Canton community and the surrounding area,” said Darrin Williams, CEO of Southern Bancorp, Inc. “We have a long history of creating economic opportunities in our communities, no matter one’s starting point, financial history, or zip code. From day one, our purpose has been centered around the belief that financial opportunity should be within reach of everyone, and we’re proud to now offer this mission to the people, families, and businesses of Canton.” 

One of America’s oldest and largest community development banks, Southern Bancorp blends traditional banking products with a slate of financial development services beyond the typical banking mold, operating predominantly in areas that are under-resourced and under-banked. From free tax preparation to credit building and flexible lending to homebuyer counseling, Southern Bancorp’s model ensures that everyone in the community has access to the tools and resources needed to build wealth.

The unique structure of Southern Bancorp supports the institution’s ability to balance margin and mission effectively, and also to expand that mission to new markets. The organization consists of three separate CDFIs working together, including Southern Bancorp, Inc., a bank holding company; Southern Bancorp Bank, a community development bank; and Southern Bancorp Community Partners, a 501(c)(3) nonprofit loan fund. Southern Bancorp’s customers and communities are served by all three certified CDFIs, which together provide the full scope of support and resources.

“The addition of this branch in Canton represents our commitment to the Mississippi community,” said John Olaimey, President and CEO of Southern Bancorp Bank. “From our traditional banking services to the financial development tools we offer, we are here to provide new avenues to economic opportunity and financial freedom, abilities to which we believe everyone should have access.”

Southern Bancorp’s footprint now includes 56 locations across Arkansas and Mississippi, with another Madison County location slated to open in Gluckstadt by Spring 2024.