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Article:
State Bank sells five locations to Delta Southern Bank
by
DBJ
State Bank & Trust Company and Delta Southern Bank have
entered into a definitive agreement providing for the sale
of five of State Bank’s locations in Clarksdale, Greenville,
Shelby and Webb.
Under the terms of the agreement, Delta Southern Bank, a
Community Development Financial Institution (CDFI), will
acquire the locations of State Bank & Trust Company
in those communities for an undisclosed amount of cash.
The agreement, subject to regulatory approval, covers two
State Bank locations in Greenville and one each in the other
three communities.
State Bank & Trust Company employees in the branches
affected were notified personally by senior management Friday.
“This is a great deal for all concerned,” said
John B. Neville, CEO, State Bank & Trust Company. “Our
customers in those communities will benefit from the unique
capabilities Delta Southern possesses as a CDFI. To be quite
honest, they should be more effective going forward in those
markets than anyone.” CDFIs are specialized financial
institutions that work to expand the availability of credit,
investment capital, and financial services in distressed
urban and rural communities.
CDFIs include banks, credit unions, loan funds, venture
capital funds and microenterprise loan funds. As a CDFI,
Delta Southern Bank strives to promote lasting economic
vitality by making loans to businesses that will create
jobs for the populace, generate wealth, and improve the
rural communities in the Delta. “Delta Southern Bank
is extremely pleased with the opportunity to work with State
Bank & Trust Company and extend our development mission
into four additional Mississippi Delta communities,”
said George Purcell, president and CEO of Delta Southern
Bank.
Delta Southern Bank was awarded certification as a Community
Development Financial Institution by the United States Department
of the Treasury in 2002. With assets of $56 million, Delta
Southern Bank presently has their corporate office in Ruleville
and branch offices in Drew, Friars Point, Lambert, Lula,
and Sledge, Mississippi. They are a subsidiary of Southern
Development Bancorporation. Southern Development Bancorporation
is a $400 million development banking organization that
offers a full line of financial products and economic development
services to residents in rural Arkansas and the Mississippi
Delta.
The services include: bank credit, low-income housing development,
small business assistance, “non-bank” lending,
work force training, asset building and advocacy for the
poor. Southern Development has offices in Arkadelphia, Clarendon,
Helena, Marianna, Pine Bluff and Stuttgart, Arkansas and
Drew, Friars Point, Lambert, Lula, Ruleville and Sledge,
Mississippi. State Bank & Trust Company, founded in
1898, has assets approaching $650 million and is domiciled
in Greenwood.
One of the fastest growing banks in the southeast, State
Bank will continue to operate its remaining 24 locations
serving the western half of the state of Mississippi including
Batesville, Brookhaven, Cleveland, Columbia, Flowood, Greenwood,
Grenada, Jackson, McComb, Monticello, Port Gibson, Ridgeland,
Rosedale, Senatobia, and Vicksburg. DBJ
