Arkansas-based Southern Bancorp acquiring in-state peer FCB Financial Services
Arkadelphia, Ark.-based Southern Bancorp Inc., the holding company for Southern Bancorp Bank, agreed to acquire Marion, Ark.-based FCB Financial Services Inc. and subsidiary Premier Bank of Arkansas. The terms of the transaction were not disclosed. Southern Bancorp Bank has about $2 billion in assets, while Premier Bank of Arkansas has about $200 million in assets and three branches operating in Marion, West Memphis and Jonesboro, Ark., according to a news release. The acquisition is expected to close in the second quarter. With the deal, Southern Bancorp locations across Arkansas and Mississippi will grow to 54. With the acquisition, Southern Bancorp will enter Crittenden, Ark., with two branches to be ranked third with a 11.62% share of about $1.34 billion in total market deposits, and Craighead, Ark., with one branch to be ranked No. 19 with a 0.35% share of roughly $3.67 billion in total market deposits, according to S&P Global Market Intelligence data.