Southern Bank finalizes $23M acquisition

Poplar Bluff-based Southern Missouri Bancorp Inc. (Nasdaq: SMBC) is transitioning signage at Tamms, Illinois-based Tammcorp Inc.’s branches after finalizing a purchase of the holding company.

Announced in January, the $23.4 million acquisition of the parent of Capaha Bank closed June 16, said Tiffany Jenkins, spokeswoman for the operator of three Southern Bank branches in Springfield.

With the purchase, Southern Bank took over Capaha Bank’s six branches in Illinois and Missouri. Three are in Cape Girardeau County in southeast Missouri.

Southern Bank entered Springfield in 2010 when it opened a loan production office, followed a year later by a full-service branch on South National Avenue. In 2014, it bought Peoples Bank of the Ozarks for $23 million, according to Springfield Business Journal archives.

Combined with Capaha, Southern Bank now has $1.7 billion in assets, loans of $1.4 billion and deposits of $1.3 billion, as well as 41 branches in Missouri, Arkansas and Illinois, according to a news release.

SMBC shares were trading at $31.48 as of 9:15 a.m., compared with a 52-week range of $21.31 to $37.

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