Southern Bancorp, Inc., a Community Development Financial Institution (CDFI) and holding company for Southern Bancorp Bank, has announced the successful closure of its deal to acquire Ozarks Heritage Financial Group, Inc., and its wholly owned subsidiary, Legacy Bank & Trust, a $1.9 billion asset CDFI headquartered in Springfield, Mo. This strategic acquisition and joining of two mission-focused institutions will create a nearly $5 billion asset CDFI with an expanded footprint and enhanced capacity to serve customers and communities.
“We are thrilled to welcome Legacy Bank & Trust’s outstanding team to Southern Bancorp,” said Darrin Williams, CEO of Southern Bancorp, Inc. “For 40 years, our work has centered around a mission to ensure everyone has access to the capital and resources needed to build generational wealth and achieve economic opportunity. By combining our unique purpose and people alongside the tools and talent at Legacy, our capacity for impact will be greater than ever, and we look forward to putting that impactful growth to work for more families, businesses, and communities across the region.”
Founded in 1986, Southern Bancorp is one of America’s oldest and largest CDFIs, blending traditional banking products with a slate of financial development services beyond the typical banking mold. From free tax preparation to credit building and small business support to financial counseling, Southern Bancorp’s model is aimed at ensuring everyone in a community has access to the tools and resources needed to build wealth.
A fellow CDFI, Legacy Bank & Trust currently operates 10 locations in Missouri, Oklahoma, and Texas, with a staff of nearly 200.
With the addition of Legacy Bank & Trust, Southern Bancorp will now operate a bank network spanning Arkansas, Missouri, Mississippi, Oklahoma, and Texas, along with a growing mortgage division serving customers throughout the Southern United States. This impact-driven growth represents Southern Bancorp’s commitment to creating economic opportunity for everyone, no matter one’s zip code or financial position.
“It’s an honor to join the unique history and mission of Southern Bancorp,” said John Everett, President and CEO of Legacy Bank & Trust. “A momentous growth milestone like this is only possible because of our incredible team at Legacy, who for years have delivered exceptional service to our communities. We are excited to begin preparations for introducing our customers to an even wider range of financial tools and resources in the coming months, alongside service that continues to be driven by compassion and professionalism.”
While this news marks the legal closing of the acquisition, Legacy Bank & Trust customers will see no immediate changes to their accounts or banking experience. Legacy Bank & Trust will continue operating under its current name, systems, and brand until the planned conversion in Q4 of 2026. During this period, Southern Bancorp, Inc. will function as a multi-bank financial holding company, overseeing both Southern Bancorp Bank and Legacy Bank & Trust, as well as Southern Bancorp Community Partners, a nonprofit loan fund and financial development organization.
“Our priority is to have a conversion that results in minimal disruption for our customers,” added Williams. “That’s why we’re taking the time needed to collaboratively plan, prepare, and deliver a smooth transition in the fourth quarter of this year. Until then, Legacy customers will see little change, either inside or outside of their branch.”
The close of the acquisition follows recent regulatory and shareholder approvals. JPMorgan Chase served as financial advisor and Nelson Mullins served as legal advisor to Southern Bancorp in connection with the transaction. Stephens Inc. served as financial advisor and Stinson, LLP served as legal counsel to Ozarks Heritage Financial Group, Inc. Terms of the transaction are not being disclosed.
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