Square has made a multimillion-dollar investment in Southern Bancorp, a community development financial institution in Arkadelphia, Arkansas.
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 the $1.9 billion-asset Southern, said in a 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 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
