Bank of Missouri parent buying 3-branch holding company

Perryville-based Reliable Community Bancshares Inc., the parent company of The Bank of Missouri, this week entered into a definitive agreement to purchase Dixon-based Mid America Banking Corp.

The Bank of Missouri will gain three branches, one each in Dixon, Rolla and St. Robert, via the purchase. The Bank of Missouri currently operates 23 branches, including three in Springfield, according to a news release.

“The combination of these banking organizations creates a more convenient network for our customers, a stronger presence in central Missouri and a broader array of banking products and services,” Reliable Community Bancshares President David Crader said in the release.

Terms of the deal expected to close in the first quarter were undisclosed. Officials expect to receive approvals by bank regulatory authorities and Mid America Banking shareholders by that time.

Mid America Banking holds $155 million in assets, which will be combined with The Bank of Missouri’s $1.3 billion in assets, according to the release.