Southern Bank is headquartered in Poplar Bluff and is the 12th largest bank in the state of Missouri. It is also the 386th largest bank in the nation. It was established in 1887 and as of December of 2019, it had grown to 461 employees at 51 locations. Southern Bank's money market rates are 3X the national average, and it boasts an A+ health rating.
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10/2 - King of RCAs: Southern Bank Rate is STILL at (5.01%, $15K)
4/3 - Southern Bank Reduced Its Limit "Quietly"...
Great Bank
I've been a customer for a few years now and they are great place to bank at. I have accounts at least three different banks and they are the best.
Best Interest rate for checking account!
My experience with Southern Bank has been good. I setup my account with them all online and was relatively easy. They have a smooth mobile app that allows you to access your account anytime you want to. You can deposit checks using the app for easy convenience. The reason I picked this bank was because of their killer interest rate on checking accounts. Currently it's at 3% on up to $15,000. The only catch is you have to do some sort of direct deposit, 12 debit card transactions, and sign-up for paperless statements. It's easy to find 12 things a month to use my debit card on. If you meet all the requirements then they will reimburse you on ATM fees from other banks.
Worst Bank Ever
This bank will add fees to closed accounts, never contacting ALL of the account holders and then send the whole mess to collections. The account had to be closed because the debit card use was unreliable for an out of town traveler because the bank was hacked so many times and the cards were constantly declined and had to be replaced. Sending something to collections without notifying ALL the account holders of an issue (after adding $100's of dollars in fees) and threatening credit reporting is akin to extortion. They also will not work with you in any way to take care of the alleged amount owed in a timely manner. Basically you bank here, you're screwed.
Unhappy With This Bank!
Very unhappy with this bank. I have constant problems with the ATM never having money in it or being "temp out of service". This is the only branch in Batesville and the only ATM. You would think they would keep it stocked. Just in the past week, I've had to make 4 trips to the ATM to try to get money out of it since they are only open the times I'm at work. Three of these trips, the ATM was either Out of Service or had no money in it. This seems to be a constant problem. I've called and complained many times and never get a call back. It's extremely frustrating. I have called the main bank numerous times and the bank in Batesville but nothing ever seems to be done about it. I called and complained AGAIN at the main bank in Missouri ( the number automatically sends you there if the bank in Batesville is closed) I was told they would let the Batesville Manager know and it would be taken care of. I go back this morning to try to get money out of my account...( the bank is closed because they have changed their opening hours to 830am) and of course it is TEMP OUT OF SERVICE. I'm to the point of starting to use another bank. I have accounts at two other banks in Batesville (First Community and Citizens) and I have NEVER had an issue with their ATMS but Southern has ONE ATM in Batesville and it never works. I have literally pulled up to the ATM of this bank right at closing time and watched the employees walking out leaving with the ATM flashing "OUT OF SERVICE". Not happy with SOUTHERN BANK at all. VERY VERY UNHAPPY CUSTOMER!! THINK TWICE ABOUT OPENING AN ACCT HERE...ESPECIALLY IF YOU HAVE TO USE THE ATM OFTEN BECAUSE OF THE INCONVENIENT HOURS THEY ARE OPEN.
Worst Bank Ever
This is the worst bank I have had the displeasure of dealing with. If you are a person that has a low income and live penny to penny, don't deal with them. Never do overdraft either. They "rearrange" things in your account so they can get the maximum overdraft charges. Bank of America was sued for this. They will lock your account even when it has money in it and tell you it's a "safety feature" and not let you access your money. You can complain and they will take messages and nobody will respond. I filed a better business bureau complaint and nobody responded. Shady bank with shady practices!
Stiffing The Appraiser
As an appraiser, I've yet to receive payment for an appraisal I did in January 2016. I don't expect payment because I didn't "bring home the bacon" on their deal apparently. So much for the Appraisal Independence Requirement of Dodd-Frank.
Need I remind the appraiser's job is not to rubber stamp the value? It is to provide an independent opinion of value.
Data as of Q4 2019
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 28332 |
| Year Established | 1887 |
| Employees | 461 |
| Primary Regulator | FED |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.42% |
| Return on Equity - YTD | 13.5% |
| Annual Interest Income | $105.3MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2019vs Q4 2018 | $2.30B$2.20B |
| Loans | Q4 2019vs Q4 2018 | $1.92B$1.80B |
| Deposits | Q4 2019vs Q4 2018 | $1.92B$1.81B |
| Equity Capital | Q4 2019vs Q4 2018 | $246.4MM$220.1MM |
| Loan Loss Allowance | Q4 2019vs Q4 2018 | $20.8MM$19.0MM |
| Unbacked Noncurrent Loans | Q4 2019vs Q4 2018 | $10.2MM$20.0MM |
| Real Estate Owned | Q4 2019vs Q4 2018 | $3.7MM$3.9MM |
