Little Rock, Arkansas-based Southern Bancorp has made a successful business model out of serving places where larger banks don’t have much, if any, presence. For most of its history, that’s meant serving smaller cities and rural areas in and around the Mississippi Delta. In Arkansas, that’s meant cities such as Arkadelphia, Hot Springs or Blytheville. In Mississippi, it’s Clarksdale, Indianola or Greenville.
Founded in 1986, with the involvement of then-governor of Arkansas, Bill Clinton, Southern Bancorp and its affiliates or subsidiaries have since made more than $4 billion in loans (and counting) in these smaller cities and rural areas. Now, as the bank looks to expand in larger markets such as Memphis, Tennessee, or Jackson, Mississippi, it’s getting support from some surprising sources.
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Courtesy of NextCity.org.