Bank of Missouri parent inks acquisition agreement

provided by The Bank of Missouri

The Bank of Missouri operates three branches in Springfield.

The parent company of The Bank of Missouri has signed a definitive agreement to conduct an acquisition that would add more than $1 billion in assets and two greater St. Louis branches to its portfolio.

Perryville-based Reliable Community Bancshares Inc. is acquiring Clayton-based M1 Bancshares Inc., the parent company of M1 Bank, through the deal expected to close in first quarter 2026. The financial terms of the cash-and-stock deal were not disclosed in a news release announcing the agreement.

"M1 is a unique financial institution that has produced significant growth and profitability over the years. They have developed a strong management team, with extremely close relationships with their customers," said Adrian Breen, president of RCB and chair, president and CEO of The Bank of Missouri, in the release. "While this combination provides an entry into the St. Louis region for The Bank of Missouri, it also expands our lending initiatives in low-income housing tax credit, renewable energy lending and historic tax credit lending."

The combined RCB would have 30 branches and $4.3 billion in assets, adding $1.2 billion in assets and two branches from M1. The acquisition additionally would add $1 billion in deposits from M1 to RCB's current $2.5 billion and net loans of $923 million to its current $2.1 billion.

The Bank of Missouri, which has three branches in Springfield, reported local 2024 revenue and employees of $42.7 million and 118, respectively, for Springfield Business Journal's recent Economic Impact Awards. Companywide, revenue in 2024 was $190.6 million, with 570 employees, according to past reporting.