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Bank of Bolivar’s branches — including this location in south Springfield — are slated to take on The Bank of Missouri name in third quarter 2020.
Photo courtesy Bank of Bolivar
Bank of Bolivar’s branches — including this location in south Springfield — are slated to take on The Bank of Missouri name in third quarter 2020.

Bank of Missouri parent to buy Bank of Bolivar

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Bank of Bolivar is merging into The Bank of Missouri through an acquisition deal.

Perryville-based Reliable Community Bancshares Inc., The Bank of Missouri’s parent company, penned a definitive agreement to purchase Bank of Bolivar operator Bolivar Bancshares Inc. The financial terms of the deal were undisclosed in a news release.

“The combination of these banking organizations creates a more convenient network for our customers, a stronger presence in southwest Missouri and a broader array of banking products and services,” said Adrian Breen, co-president of Reliable Community Bancshares and CEO of The Bank of Missouri, in the release.

Subject to approval by regulatory authorities and Bolivar Bancshares shareholders, the deal is expected to close in February 2020. Bank of Bolivar’s six branches in Bolivar, Springfield, Marshfield and Fair Grove are scheduled to transition to The Bank of Missouri name in the third quarter next year. The Bank of Missouri currently operates 33 branches, including seven in southwest Missouri.

With the purchase, Reliable Community Bancshares would add roughly $300 million in assets to its current tally of $1.7 billion.

For the first half of the year, net income attributable to The Bank of Missouri was $11.7 million, up from nearly $9 million during the same time period of 2018, according to Federal Deposit Insurance Corp. data. Bank of Bolivar’s net income was roughly flat at $1.2 million for the first half of 2019, according to FDIC data.

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