Square Invests in Arkansas Community Development Finance Institution | Source Payments

Square Invests in Arkansas Community Development Finance Institution |  Source Payments

Southern declined to specify the exact amount of Square’s investment. A spokesman for the bank confirmed it was in the multimillion dollar range. “We are appreciative to Square, Inc. for both their commitment and their vision for reaching minority and underserved communities,” Darrin Williams, CEO of Little Rock-based Southern, said in a Thursday press release. “This investment will allow us to further expand our reach and impact to underserved communities, undercapitalized small businesses, and underbanked families.”

Founded as a payment processor in 2009, Square opened a Utah-chartered industrial bank in March.

Source www.americanbanker.com

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