Perryville-based Reliable Community Bancshares Inc., The Bank of Missouri’s parent company, finalized its purchase of Bank of Bolivar operator Bolivar Bancshares Inc.
The parent company of Bank of Bolivar merged into Reliable Community Bancshares on Feb. 21, according to a news release. When the acquisition was announced in November 2019, terms were undisclosed.
Through the purchase, Reliable Community Bancshares assumes Bank of Bolivar’s $300 million in assets and six branches, including two in Springfield. The operations join The Bank of Missouri’s $1.8 billion in assets and 32 branches, including three Springfield offices. That puts The Bank of Missouri’s assets above $2 billion.
The acquisition also stands to improve The Bank of Missouri’s position in Springfield metropolitan statistical area deposits. As of June 30, 2019, Bank of Bolivar held $282.2 million in MSA deposits, compared with $200.7 million for The Bank of Missouri. Combined, The Bank of Missouri would have nearly $483 million in Springfield MSA deposits, enough for a No. 8 ranking based on the most recent Federal Deposit Insurance Corp. data. Neither bank placed in the top 10 last year.
Bank of Bolivar’s branches are slated to take on The Bank of Missouri branding in the third quarter, according to the release.
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