Southern Bancorp
Southern Bancorp is a Community Development Financial Institution (CDFI) focused on providing a range of financial products and services to underserved communities in the Mid-South.
Services
Southern Bancorp offers a comprehensive range of services tailored to both personal and business banking needs. For individuals, they provide personal accounts such as checking and savings options, personal loans including home loans, auto/boat/RV loans, and general personal loans. Business customers can take advantage of business accounts with checking and savings features, as well as various business loans including SBA loans, agricultural loans, poultry loans, and commercial loans. Additional services include financial development tools, public policy advocacy, financial education, and counseling.
Account Features
Southern Bancorp offers a variety of account features designed to enhance customer convenience and financial management. These include email and text alerts, eStatements, mobile deposit capabilities, and robust debit card management. The bank also provides innovative tools like the Round Up Savings feature, which automatically transfers the change from purchases to a savings account, and MyGoalSavings to help customers save automatically within their checking accounts.
Community Focus and Mission
As a Community Development Financial Institution (CDFI), Southern Bancorp is dedicated to creating economic opportunities in underserved communities. The bank combines traditional banking and lending services with financial development tools, focusing on responsible, responsive, and innovative financial products and services. The bank supports underserved markets by offering programs like down payment assistance providing up to $12,000 for minority and low-to-moderate income home buyers, and the Credit Builder CD to help individuals improve their credit scores.
Business Loans and Financial Tools
Southern Bancorp provides a wide range of business loans to support various industries and sectors. These include SBA loans, agricultural, and poultry loans, as well as commercial loans. They offer financial development tools and public policy advocacy to help families and communities grow stronger. The bank also offers business checking and savings accounts with features tailored to serve business needs efficiently.
Mobile and Online Banking Features
Southern Bancorp's mobile and online banking options offer customers a convenient way to manage their finances. The mobile app includes features for electronically depositing checks and Shake and Bank, a unique tool that allows customers to check their account balance by shaking their phone. Additional services like Pause, which allows customers to temporarily block their debit cards if lost or stolen, ensure security and ease of use.