CEO Stories: Wealth-Building Isn’t Just for the Wealthy
Southern Bancorp primarily focuses on providing financial services and education in poor communities in rural and urban areas of the mid-South, where the message and benefits of capitalism are greatly needed. Listen to the podcast below to hear his story; it is an example of the positive impact of business on society.
Early Ambition
Darrin Williams never imagined he would end up in banking. While student body president at Little Rock Central High School, Arkansas Governor Bill Clinton named him to a school advisory board. A desire to serve others, inspired by his minister father and schoolteacher mother, led him to pursue a career in law. He ran the attorney general’s office and then went on to represent plaintiffs in securities litigation.
A Different Perspective on Banking
Teaching a financial skills class through his church opened Williams' eyes to the importance of basic education about finance and money -- and how else he could be of service. Though he initially turned down the CEO job at Southern Bank Corp, he came to realize that the job would allow him to have significant impact on financially underserved communities.
Running A Community Development Financial Institution
The CDFI Fund, created under President Bill Clinton, allows for the creation of financial institutions around the U.S. that are required to operate in communities with low to moderate incomes that are largely unserved by other financial institutions. Southern Bank Corp’s community-building activities run the gamut: maklng loans providing basic financial education courses, and offering services such as credit counseling and free income tax preparation. Its goal is to grow and expand in those communities where capital is needed and allow capitalism to work for everyone.
