Southern Bancorp in Arkadelphia, Ark., has agreed to buy FCB Financial Services in Jonesboro, Ark.
The $2.1 billion-asset Southern said in a press release Monday that it expects to buy the parent of the $200 million-asset Premier Bank of Arkansas in the second quarter. It did not disclose the price it will pay.
The agreement comes less than two months after Southern received an infusion of capital from the Treasury Department’s Emergency Capital Investment Program.
“We are excited to introduce the Premier Bank team and its customers to Southern Bancorp’s mission-driven approach to banking,” Darrin Williams, Southern’s CEO, said in the release.
Southern, a community development financial institution, has bought four banks since 2009, closing its purchase of Arkansas County Bank last year.