2021 CSBS Community Bank Case Study Competition Journal

SECOND PLACE: University of Arkansas

Southern Bancorp consists of three pieces– Southern Bancorp Bank (SBB), Southern Bancorp Inc. (SBI), and Southern Bancorp Community Partners (SBCP). SBI is the bank holding company of SBB. SBCP is a 501(c)(3) loan fund designated by the U.S. Department of Treasury as a Community Development Financial Institution (CDFI). It is a shareholder and equal partner to SBB and SBI, which are also CDFIs.

purpose. B Corps are accelerating a global culture shift to redefine success in business and build a more inclusive and sustainable economy. B Corps use profits and growth as a means to a greater end: positive impact for their employees, communities, and the environment.” 3

Figure 1. County Poverty Rate by Quartile

These three partners align their focus to balance mission and margin. They have adopted a strategy to achieve their so-called Big, Hairy, Audacious goals. These represent the 10-year goals that maximize the footprint of Southern Bancorp across the current target market and beyond in three categories: “supporting homeownership and housing by assisting individuals with capital and capacity, supporting jobs by facilitating entrepreneurship with capital and capacity, and supporting savings and asset accumulation by helping individuals earn, keep and grow their assets.” 2 Southern Bancorp Inc. is a certified B-Corporation and is the only B-Corporation located in Arkansas. “Certified B Corporations are businesses that meet the highest standards of verified social and environmental performance, public transparency, and legal accountability to balance profit and

Notes: S haded regions show counties in Arkansas and Mississippi where SBB has operations. Darker shades represent counties with higher poverty rates. Map created with Tableau software. Source: Southern Bancorp website.

Figure 2. SBB Deposit Share by County

Notes: Shaded regions show counties in Arkansas and Mississippi where SBB has deposits. Darker shades represent counties with larger deposit shares. Map created with Tableau software. Source: FDIC Summary of Deposits, 2020.

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