Poplar Bluff-based Southern Missouri Bancorp Inc. (Nasdaq: SMBC) agreed to buy Tamms, Illinois-based Tammcorp Inc. in a deal valued at roughly $23.4 million.
The operator of three Southern Bank branches in Springfield expects to close on the purchase of Tammcorp, the parent of Capaha Bank, in the second quarter for undisclosed terms, according to a news release.
Through the acquisition, Southern Bank would gain Capaha Bank’s six branches in two states, $194 million in assets, $165 million in deposits and $157 million in net loans. Following the purchase, Southern Bank would have $1.7 billion in assets, $1.3 billion in deposits, $1.4 billion in net loans and 42 branches.
“Southern Bank will make a great addition to the communities Capaha Bank calls home,” said John Abercrombie, Capaha’s chairman, president and CEO who will join the Southern Bank board, in the release. “I’ve been privileged to lead this institution for 44 years, and there is nothing more important to me than to ensure that Tamms, Cairo, Cape Girardeau, Jackson, and Anna are supported by a strong community bank.”
In 2014, Southern Bank bought Peoples Bank of the Ozarks for $23 million. The company entered Springfield in 2010 when it opened a loan production office, followed a year later by a full-service branch on South National Avenue, according to
Springfield Business Journal archives.
SMBC shares were trading at $33.75 as of 8:50 a.m., compared with a 52-week range of $21.31 to $37.
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