The
$2.1 billion-asset Southern said in a press release Monday that it expects to
buy the parent of the $200 million-asset Premier Bank of Arkansas in the second
quarter. It did not disclose the price it will pay.
The
agreement comes less than two months after Southern received an infusion of capital
from the Treasury Department's Emergency Capital Investment Program.
“We
are excited to introduce the Premier Bank team and its customers to Southern
Bancorp’s mission-driven approach to banking,” Darrin Williams, Southern’s CEO,
said in the release.
Southern, a community development
financial institution, has bought four banks since 2009, closing its purchase
of Arkansas County Bank last year.
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