Southern Bancorp Poised to Double Capital, Expand Financial Reach
It took more than a decade for Southern Bancorp Bank to double its tally of total assets from $1 billion to $2 billion. The top executive of the bank's parent company expects the journey to $4 billion will be much shorter. "With the amount of capital we're going to receive, we will double in size during the next three to five years," said Darrin Williams, CEO of Southern Bancorp Inc. A big catalyst for that future growth is a $237.5 million injection courtesy of the U.S. Treasury's Emergency Capital Investment Program. The money isn't in the bank but is expected to arrive in the second or third quarter. "That will give us the capital bandwidth to work for quite awhile," Williams said. The money will double Southern Bancorp's capital base and position the Arkadelphia bank to accelerate expansion of its $1.2 billion loan portfolio. Under the ECIP, a maximum investment of $250 million was possible, but Williams isn't complaining.