Southern Missouri Bancorp (SMBC), the parent corporation of Southern Bank, completed its merger with Southern Missouri Bancshares and its subsidiary, Southern Missouri Bank of Marshfield.
As a result of the merger, each share of Southern Missouri held immediately prior to closing is being exchanged for $98.05, plus 9.2498 shares of SMBC common stock.
On a pro forma basis, the combined entity will hold assets of approximately $1.9 billion. The transaction is expected to be nominally accretive to earnings per share beginning in calendar year 2019. Tangible book value per common share is expected to be diluted by a nominal amount at closing, with a projected earnback period of approximately one year, based on the crossover method.
Greg Steffens, president and CEO of SMBC, commented, “We are happy to add Marshfield to the communities we serve in southwest Missouri. We have been familiar with the market in the area for some time and we believe this acquisition will be very helpful to our continued solid growth in that market.”
“We are excited about the opportunities our partnership with Southern Bank creates, especially for our customers and community,” added Kent Hyde, chairman of the board at Southern Missouri. “While it brings some emotion for us, as we started this bank literally from the ground up, we know Southern Bank will carry our values forward.”
Lowther Johnson Attorneys at Law served as legal advisor to SMBC, while Silver, Freedman, Taff & Tiernan served as legal advisor to Southern Missouri.
Headquartered in Poplar Bluff, MO, SMBC operates 40 facilities in southern Missouri, southern Illinois and northern Arkansas. Southern Missouri Bank of Marshfield operates its main office and a drive thru location in Marshfield, MO.
