Square has made a multimillion investment in Southern Bancorp in Arkadelphia, Ark.
Square said in a press release Thursday that it had invested the final $25 million of a $100 million commitment to minority and underserved communities. The $1.9 billion-asset Southern said in a separate release that it had received funds from that investment.
“We are appreciative to Square, Inc. for both their commitment and their vision for reaching minority and underserved communities,” Darrin William, Southern Bancorp’s CEO, said in a Thursday press release.
“This investment will allow us to further expand our reach and impact to underserved communities, undercapitalized small businesses and underbanked families seeking to build wealth for a better future,” Williams added.
Southern, a community development financial institution, was founded in 1986 with $10 million. The company now has 52 locations and serves 65,000 customers.