Southern Bancorp to buy DeWitt bank

Southern Bancorp Inc. of Arkadelphia said Thursday that it will buy DeWitt First Bankshares Corp. and its operations in DeWitt, Stuttgart and Lockesburg.

The sale price was not disclosed. The acquisition is subject to regulatory and shareholder approval but is expected to close in the second quarter. It will increase to 52 the number of Southern Bancorp sites in Arkansas and Mississippi, where it has a combined 65,000 customers, Southern Bancorp said.

Southern Bancorp said DeWitt First’s wholly owned subsidiary, Arkansas County Bank, has $185 million in assets, with two branches in Arkansas County and one in Sevier County. Arkansas County Bank was founded in 1912.

Southern Bancorp, which is licensed as a community development financial institution, consists of its holding company Southern Bancorp Bank, with $1.7 billion in assets, and Southern Bancorp Community Partners, a 501(c)(3) lending organization.