Southern Missouri Bancorp and Southern Missouri Bancshares to merge
Southern Missouri Bancorp announced the signing of a definitive merger agreement whereby SMBC will acquire Bancshares in a stock and cash transaction. Bancshares operates two locations in Marshfield, Missouri. At June 30, Bancshares' consolidated assets were $91.6M, including loans, net, of $69.1M, while deposits totaled $73.6M. SMBC reported consolidated assets at June 30, of approximately $1.7B, including loans, net, of $1.4B, and total deposits of $1.5B. On a pro forma basis, following the acquisition, the combined company's total assets will be approximately $1.8B, with total loans, net, of $1.5B, and total deposits of $1.5B. The combined company will operate 43 locations in Missouri, Arkansas, and Illinois. Subject to adjustment for Bancshares capital at closing, Bancshares shareholders will receive 9.04 shares of SMBC common stock and $95.82 in cash for each share of Bancshares common stock. Based on the average closing price of $31.80 per share for SMBC stock over the most recent 20 trading days ending on and including the fifth trading day prior to execution of the definitive merger agreement, the deal is valued at approximately $15.1M. SMBC and Bancshares anticipate completion of the transaction in the first calendar quarter of 2018.