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Banks are closing at record rates in the US, presenting a problem for rural communities

Banks are closing at record rates in the US, presenting a problem for rural communities CDFIs look to fill the void left by bigger banks and last updated 2021-04-19 13:37:08-04 Cash a check, talk about loans, that’s what you visit a bank for. But at Southern Bancorp, there’s a little more to it. “Southern Bancorp is a CDFI, and that stands for community development financial institution,” explained Nathan Pittman, Senior VP for Policy and Communications at Southern Bancorp. “And that is a treasury designation for banks, credit unions, loan funds who exist to serve an underserved population.”

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