Home Banking Square invests in Arkansas community development financial institution

Square invests in Arkansas community development financial institution

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Square has made a multimillion dollar investment in the S1.9 billion-asset Arkadelphia, Arkansas-based community development financial institution Southern Bancorp.

Square’s commitment is part of a larger $100 million pledge to support minority and underserved communities in September 2020.

“We are appreciative to Square, Inc. for both their commitment and their vision for reaching minority and underserved communities,” Darrin Williams, CEO of Little Rock-based Southern, 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.”

Southern declined to specify the exact amount of Square’s investment. A spokesman for the bank confirmed it was in the multimillion dollar range.

Founded as a payment processor in 2009, Square opened a Utah-chartered industrial bank in March.