Southern Bancorp, Inc. is a mission-driven financial institution dedicated to strengthening underserved communities across the U.S. Founded 30 years ago through a partnership involving notable leaders such as Bill Clinton and the Winthrop Rockefeller Foundation, Southern Bancorp emerged to address the financial void created when larger banks moved away from rural America. With over $2.6 billion in assets and 56 branches primarily located in impoverished areas, the organization focuses on balancing profits with purpose by offering traditional banking services combined with developmental financial tools.
Southern’s core mission is to create economic opportunities for families by providing responsible and innovative financial products. The bank serves over 65,000 customers and aims to combat the decline in brick-and-mortar banking access, preventing communities from falling prey to predatory lending practices. Their strategy involves fostering entrepreneurship, promoting homeownership, and encouraging savings, through which they believe individuals can build net worth and financial stability.
Guided by their values encapsulated in the acronym R.A.I.S.E., Southern Bancorp emphasizes a community-oriented approach to banking, prioritizing Responsible financial decisions, Advocacy for public policy, Inclusion in accessibility, Supportive partnership with customers, and Encouragement for asset building.
As one of the largest community development organizations in the United States, Southern Bancorp serves as a model for other Community Development Financial Institutions (CDFIs), actively engaging in policy formation and partnerships that extend their impact significantly beyond their immediate markets. Their holistic approach not only provides capital but also aims to empower communities through financial education and advocacy, ensuring that the benefits of banking extend to all economic strata, particularly those traditionally underserved.
