Dominik Mjartan, the new president and CEO of South Carolina Community Bank, hopes technological innovations can jolt the struggling bank back to profitability. By digitizing loan files via Sageworks and securing fintech partners to offer more technological solutions for customers, Mjartan hopes to transform the bank for modern needs.
Little Rock, Arkansas based Southern Bancorp has made a successful business model out of serving places larger banks ignore. Bill Wright, a Little Rock native who leads the Bank's western region, proudly rattles off the names of business owners the bank has supported. Recently, as the bank seeks to expand into further markets in the area, it received $7.5 million from SFRE, a group of global investors interested in banks with a social mission.
The CDFI Fund announced $22.8 million in 2017 Bank Enterprise Award grants to mission-focused banks for their service in high poverty communities. These awards were at risk of being rescinded by the Trump Administration’s proposed $15 billion cutbacks package. The rescission failed to pass by its June 22, 2018 deadline, and the 2017 BEA Awards were subsequently unfrozen and released.