Southern Missouri Bancorp completes Gideon merger, sees EPS accretion immediate
Southern Missouri Bancorp announced that its merger with Gideon Bancshares, the parent company for First Commercial Bank, was completed. Southern Missouri, as the sole owner of both First Commercial Bank and Southern Bank, expects to merge the two banks in early December, with the combined entity to operate under the Southern Bank name. As a result of the merger, each share of Gideon common stock held immediately prior to closing is being exchanged for $72.48 in cash, plus 2.04 shares of Southern Missouri common stock. At October 31, Gideon reported total consolidated assets of $218.5M, loans, net, of $150.1M, and deposits of $170.8M. On a pro forma basis, the combined entity will hold assets of approximately $2.2 billion, including loans, net, of $1.8B, and deposits of $1.8B. The transaction is expected to be immediately accretive to earnings per share, exclusive of one-time charges related to the acquisition, and accretive to tangible book value per common in approximately one year, based on the crossover method.