Bank of Missouri to acquire $80M holding company

Perryville-based Reliable Community Bancshares Inc., holding company for The Bank of Missouri, has entered into an agreement to acquire The First Southeast Missouri Bancorporation Inc., the Scott City-based holding company of Security Bank and Trust Co.

Bank of Missouri - which operates three Springfield branches and one bank each in Branson, Republic and Ozark - would obtain five branches through the deal, two in Scott City and one each in Cape Girardeau, Marble HIll and Patton, according to a news release.

“This acquisition creates a stronger presence and enhanced convenience, along with a broader array of banking products and services," Bank of Missouri CEO David Crader said in the release.

Financial details are undisclosed for the transaction, which is subject to First Southeast Missouri Bancorporation. shareholder approval. Officials expect the acquisition to wrap up in the fourth quarter.

According to the release, First Southeast Missouri Bancorporation. has $80 million in assets, compared to Bank of Missouri's $900 million.[[In-content Ad]]