Arkansas-based Southern Bancorp is one of 14 financial institutions in the country to receive a multi-million dollar equity investment from JPMorgan Chase as part of a $100 million commitment to minority-led financial institutions. The investment is part of JPMorgan Chase’s $30 billion racial equity commitment. Investment details are not being disclosed.
“While many of corporate America’s leaders issued statements of condemnation after the murder of George Floyd, a select few made significant pledges to put their vast resources to work through organizations and institutions well-suited to serving communities of color,” said Darrin Williams, Southern Bancorp CEO. “I applaud JPMorgan Chase for their significant commitment, and in turn we pledge to leverage their investment into developing new wealth building opportunities for minorities throughout our markets and expanding our impact into new communities.”
Additionally, JPMorgan Chase announced that investment recipients would also receive access to Chase’s 16,000 ATMs beginning Nov. 1, 2021, allowing Southern Bancorp customers to make withdrawals free of charge.