Southern Bancorp, Inc., a Community Development Financial Institution (CDFI) and holding company for Southern Bancorp Bank, has announced the successful closure of its deal to acquire Ozarks Heritage Financial Group, Inc., and its wholly owned subsidiary, Legacy Bank & Trust, a $1.9 billion asset CDFI headquartered in Springfield, Mo. This strategic acquisition and joining of two mission-focused institutions will create a nearly $5 billion asset CDFI with an expanded footprint and enhanced capacity to serve customers and communities.
“We are thrilled to welcome Legacy Bank & Trust’s outstanding team to Southern Bancorp,” says Darrin Williams, CEO of Southern Bancorp, Inc. “For forty years, our work has centered around a mission to ensure everyone has access to the capital and resources needed to build generational wealth and achieve economic opportunity. By combining our unique purpose and people alongside the tools and talent at Legacy, our capacity for impact will be greater than ever, and we look forward to putting that impactful growth to work for more families, businesses, and communities across the region.”
With the addition of Legacy Bank & Trust, Southern Bancorp will now operate a bank network spanning Arkansas, Missouri, Mississippi, Oklahoma, and Texas, along with a growing mortgage division serving customers throughout the Southern United States. This impact-driven growth represents Southern Bancorp’s commitment to creating economic opportunity for everyone, no matter one’s zip code or financial position.
“It’s an honor to join the unique history and mission of Southern Bancorp,” says John Everett, President and CEO of Legacy Bank & Trust. “A momentous growth milestone like this is only possible because of our incredible team at Legacy who, for years, have delivered exceptional service to our communities. We are excited to begin preparations for introducing our customers to an even wider range of financial tools and resources in the coming months, alongside service that continues to be driven by compassion and professionalism.”