Southern Bancorp has closed its acquisition of Dewitt First BankShares Corporation and Arkansas County Bank, a transaction that was announced in January 2021.
This acquisition will add three bank branches to Southern Bancorp’s network. This will include two in Arkansas County: DeWitt and Stuttgart; along with one in Sevier County: Lockesburg.
In total, Southern Bancorp operates 52 bank branches across Arkansas and Mississippi.
“We are grateful for the opportunity to join the DeWitt, Stuttgart, and Lockesburg communities and introduce our new team members and customers to Southern Bancorp’s mission-driven style of banking,” Southern Bancorp Inc. CEO Darrin Williams said in a statement. “Our blend of traditional banking products and financial development services such as credit and housing counseling and financial education are designed to give everyone in the community access to the tools needed to build wealth, because at Southern, we believe wealth building isn’t just for the wealthy, we believe it’s for everyone.”
The terms of the acquisition were not disclosed. The transaction closed on Friday, May 14.
Southern Bancorp retained Stephens Inc. and Friday, Eldredge & Clark LLP as its financial advisor and legal advisor, respectively. Olsen Palmer LLC and Dover Dixon Horne, PLLC, served as Dewitt First Bankshares Corporation’s financial and legal advisors, respectively.