Arkansas bank closes on Legacy Bank & Trust acquisition

Roughly seven months after the deal was announced, Arkadelphia, Arkansas-based Southern Bancorp Inc., the holding company for Southern Bancorp Bank, has closed on its acquisition of Ozarks Heritage Financial Group Inc. and its wholly owned subsidiary, Legacy Bank & Trust Co., headquartered in Springfield.  

Officials declined to disclose the purchase price or terms of the acquisition in a news release issued this morning. With the deal’s closure, which followed regulatory and shareholder approval, the combined banking institution has a combined $4.7 billion in assets. The planned acquisition was first announced in June 2025, according to past Springfield Business Journal reporting. 

Southern Bancorp Bank has 56 locations in Arkansas and Mississippi and holds $2.8 billion in assets. Legacy Bank & Trust, with $1.9 billion in assets, has 10 locations in Missouri, Oklahoma and Texas and nearly 200 employees, according to the release. Both banks are certified community development financial institutions, which are lenders with a mission to provide financing and support to underserved communities.

“We are thrilled to welcome Legacy Bank & Trust’s outstanding team to Southern Bancorp,” said Darrin Williams, CEO of Southern Bancorp Inc., in the release. “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.”

With the addition of Legacy Bank & Trust, Southern Bancorp’s bank network spans five states, along with a mortgage division serving customers throughout the southern United States. Founded in 1986, officials say Southern Bancorp is one of America’s oldest and largest CDFIs.

“It’s an honor to join the unique history and mission of Southern Bancorp,” said John Everett, president and CEO of Legacy Bank & Trust, in the release. “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.”

Officials previously told SBJ that conversations on the acquisition began early last year, adding that no branch closures are anticipated in the deal as there is no geographic crossover between the two institutions. In a June 2025 interview with SBJ, Williams said Southern is focused on expanding its market reach. Acquiring Legacy will allow for expanded and additional areas of focus at Southern, such as its secondary mortgage loan program, he said.

Everett said this morning that he and the entire Legacy Bank & Trust leadership team remain in place. Leadership of the combined bank is still to be determined, he said.

Legacy Bank & Trust customers will see no immediate changes to their accounts or banking experience, according to the release. The local banking company will continue operating under its current name, systems and brand until a planned conversion in the fourth quarter of this year.

During this period, Southern Bancorp Inc. will operate as a multibank 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, according to the release.

“Our priority is to have a conversion that results in minimal disruption for our customers,” Williams said in the release. “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.”

JPMorgan Chase served as financial adviser and Nelson Mullins served as legal adviser to Southern Bancorp for the transaction. Ozarks Heritage Financial Group Inc. hired Stephens Inc. as its financial adviser and Stinson LLP as legal counsel.

An expanded version of this article is scheduled to be published in Springfield Business Journal’s Jan. 12 print edition.