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Southern Bancorp Inc. of Arkadelphia.holding company of Southern Bancorp Bank, has completed its acquisition of FCB Financial Services Inc. and its wholly owned subsidiary, Premier Bank of Arkansas.
Financial terms of the transaction were not disclosed.
Premier Bank is a $213 million asset bank with three branches in Marion, West Memphis and Jonesboro. All of its locations will continue to operate under the Premier Bank brand until early 2023 when the full conversion will take place.
Southern Bancorp Inc. CEO Darrin Williams said in a press release: “Not only are Premier Bank’s markets closely aligned with us geographically, with many existing Southern branches located in close proximity, but they are also aligned with the mission… We call it being “wealth creators for everyone”, and we are excited to bring it to these new markets in 2023.”
In addition to Premier Bank, the Southern network includes three distinct community development financial institutions: Southern Bancorp Inc., Southern Bancorp Bank, with $2.3 billion in assets, and the nonprofit Southern Bancorp Community Partners.
Premier Bank CEO Donny Underwood will continue in this role until the conversion is complete, when he will take on a new leadership role within Southern Bancorp.
Customers will begin receiving conversion communications later this year.
Stephens Inc. served as financial advisor and Friday, Eldredge & Clark, LLP served as legal advisor to Southern Bancorp. DD&F Consulting Group served as financial advisor to FCB Financial Services Inc.