2021 CSBS Community Bank Case Study Competition Journal

2021 COMMUNITY BANK CASE STUDY COMPETITION

accounts as early as mid-April. The stimulus programs, and especially the Paycheck Protection Program, resulted in a large increase in consumer and commercial deposits. SBB also reopened accounts that were previously closed due to bounced checks or personal choice to allow customers to deposit these funds. SBB was able to effectively limit the damage of the pandemic on the entire bank. All employees retained positions at the bank, and the bank reported strong financials at year-end 2020. Outside of the pandemic, the year 2020 presented many other events that shook all areas of the United States. The killing of George Floyd sparked events across the country and led many businesses to place an emphasis on social justice in their operations. SBB, however, didn’t need to change its focus because diversity, inclusion, and economic fairness have been integral parts of its mission since its founding in 1986. Indeed, the Southern Bancorp organization is a national leader in these areas. The board chairpersons of the three parts of the organization are Black, one of which is female. This diverse board membership goes against industry norms. Southern Bancorp focuses on balancing mission and margin to remain a healthy organization for the long term. Its mission is to provide financial services such as financial education and tax preparation, which are free services provided to underserved communities to promote economic development and bring financial stability to the people and businesses in its market. Although

diversity, inclusion, and economic fairness are already priorities, Darrin Williams, the CEO of the bank holding company, continues to push for further reforms. For example, leadership at Southern Bancorp decided to donate the first $1 million to the Little Rock Minority Business Empowerment Fund. The goal of this fund is to provide flexibility in loan approval requirements to Black and Brown owned business to allow for easier access to funds.

Southern Bancorp focuses on balancing mission and margin to remain a healthy organization for the long term.

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