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THE SOUTHERN BANK COMPANY 401(K) PLAN 401k Plan overview

Plan NameTHE SOUTHERN BANK COMPANY 401(K) PLAN
Plan identification number 001

THE SOUTHERN BANK COMPANY 401(K) PLAN Benefits

401k Plan TypeDefined Contribution Pension
Plan Features/Benefits
  • Age/Service Weighted or new comparability or similar plan - Age/Service Weighted Plan: Allocations are based on age, service, or age and service. New comparability or similar plan: Allocations are based on participant classifications and a classification(s) consists entirely or predominantly of highly compensated employees; or the plan provides an additional allocation rate on compensation above a specified threshold, and the theshold or additional rate exceeds the maximum threshold or rate allowed under the permitted disparity rules of section 401(l).
  • Profit-sharing
  • ERISA section 404(c) Plan - This plan, or any part of it is intended to meet the conditions of 29 CFR 2550.404c-1.
  • Total participant-directed account plan - Participants have the opportunity to direct the investment of all the assets allocated to their individual accounts, regardless of whether 29 CFR 2550.404c-1 is intended to be met.
  • Code section 401(k) feature - A cash or deferred arrangement described in Code section 401(k) that is part of a qualified defined contribution plan that provides for an election by employees to defer part of their compensation or receive these amounts in cash.
  • Code section 401(m) arrangement - Employee contributions are allocated to separate accounts under the plan or employer contributions are based, in whole or in part, on employee deferrals or contribtions to the plan. Not applicable if plan is 401(k) plan with only QNECs and/or QMACs. Also not applicable if Code section 403(b)(1), 403(b)(7) or 408 arrangements/accounts/annuities.
  • Participant-directed brokerage accounts provided as an investment option under the plan.
  • Total or partial participant-directed account plan - plan uses default investment account for participants who fail to direct assets in their account.
  • Master plan - A pension plan that is made available by a sponsor for adoption by employers; that is the subject of a favorable opinion letter; and for which a single funding medium (for example, a trust or custodial account) is established for the joint use of all adopting employers.

401k Sponsoring company profile

THE SOUTHERN BANK COMPANY has sponsored the creation of one or more 401k plans.

Company Name:THE SOUTHERN BANK COMPANY
Employer identification number (EIN):630073430
NAIC Classification:522110
NAIC Description:Commercial Banking

Additional information about THE SOUTHERN BANK COMPANY

Jurisdiction of Incorporation: Alabama Secretary of State
Incorporation Date: 2008-06-30
Company Identification Number: 820-087
Legal Registered Office Address: 221 S 6TH STREET GADSDEN,


United States of America (USA)
35901

More information about THE SOUTHERN BANK COMPANY

Form 5500 Filing Information

Submission information for form 5500 for 401k plan THE SOUTHERN BANK COMPANY 401(K) PLAN

Plan id# Filing Submission Date Name of Administrator Date Administrator SignedName of Company SponsorDate Sponsor Signed
0012023-01-01JENNIFER WOOD2024-05-24
0012022-01-01GATES LITTLE2023-06-28
0012021-01-01GATES LITTLE2022-07-29
0012020-01-01GATES LITTLE2021-07-16
0012019-01-01TERESA ELKINS2020-05-08
0012018-01-01TERESA ELKINS2019-10-09
0012017-01-01TERESA ELKINS2018-05-23
0012016-01-01TERESA ELKINS2017-06-06
0012015-01-01TERESA ELKINS2016-04-29
0012014-01-01TERESA ELKINS2015-06-30
0012013-01-01TERESA ELKINS2014-05-07
0012012-01-01TERESA ELKINS2013-07-10
0012011-01-01TERESA ELKINS2012-05-08
0012010-01-01TERESA ELKINS2011-07-28

Financial Data on THE SOUTHERN BANK COMPANY 401(K) PLAN

Measure Date Value
2025 : THE SOUTHERN BANK COMPANY 401(K) PLAN 2025 401k financial data
Total liabilities as of the end of the plan year2025-03-210
Total expenses incurred by plan in this plan year2025-03-2156232
Net assets as of the end of the plan year2025-03-213049243
Total assets as of the beginning of the plan year2025-03-212542206
Value of plan covered by a fidelity bond2025-03-213000000
Participant contributions to plan in this plan year2025-03-21128561
Other expenses paid from plan in this plan year2025-03-210
Other contributions to plan in this plan year2025-03-210
Other income to plan in this plan year2025-03-21341070
Plan net income in this plan year2025-03-21507037
Net assets as of the end of the plan year2025-03-213049243
Net assets as of the beginning of the plan year2025-03-212542206
Employer contributions to plan in this plan year2025-03-2193638
Expensese paid to adminstrative service provicers from plan in this plan year2025-03-2117605
2024 : THE SOUTHERN BANK COMPANY 401(K) PLAN 2024 401k financial data
Total liabilities as of the beginning of the plan year2024-05-240
Total expenses incurred by plan in this plan year2024-05-2478881
Net assets as of the end of the plan year2024-05-242542206
Total assets as of the beginning of the plan year2024-05-242070891
Value of plan covered by a fidelity bond2024-05-243000000
Participant contributions to plan in this plan year2024-05-24122469
Other income to plan in this plan year2024-05-24341340
Plan net income in this plan year2024-05-24471315
Net assets as of the end of the plan year2024-05-242542206
Net assets as of the beginning of the plan year2024-05-242070891
Employer contributions to plan in this plan year2024-05-2486387

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