Bank of America – Southern Bancorp CEO Darrin Williams Leads PPP Loans Effort: Bloomberg 50 2020

Picture: Southern Bancorp
Darrin Williams, a former lawyer, rose from relative obscurity when he was tapped to be a member of President Trump’s Nice American Financial Revival initiative, which additionally included Jamie Dimon, chairman and chief govt officer of JPMorgan Chase & Co., and David Solomon, chairman and CEO of Goldman Sachs Group Inc. Their conversations with Trump and Secretary of the Treasury Steven Mnuchin in the end led the Small Enterprise Administration, which administered the $350 billion program, to earmark the cash for so-called CDFIs.
Southern Bancorp is likely one of the largest of about 1,100 such establishments, which the Clinton administration chartered to spend money on the poorest U.S. communities. This summer season, Williams’s bank wrote $111 million in PPP loans and gave away $125,000 to small companies in essentially the most Covid-devastated locations within the Mississippi Delta. In October, Bank of America Corp. Chairman and CEO Brian Moynihan took a 5% stake in Southern Bancorp. Williams plans to make use of the monetary injection and the publicity surrounding the deal—in addition to Large Enterprise’s promise to do extra about racial inequality—to double the bank’s $1.6 billion in property over the following decade and whittle away on the area’s wealth hole.

Bank of America – Southern Bancorp CEO Darrin Williams Leads PPP Loans Effort: Bloomberg 50 2020
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