Banking roundup: Citizens Union acquires Missouri State Bank branch in Springfield

Citizens Union State Bank of Clinton, a subsidiary of Exchange National Bancshares Inc., has signed a definitive agreement to purchase Missouri State Bank's branch office at 321 W. Battlefield Road in Springfield.

Missouri State Bank, a subsidiary of St. Louis-based Trustcorp Financial Inc., continues to operate seven banking locations in the St. Louis metropolitan area.

Citizens Union State Bank has total assets of $240 million and eight banking offices in Clinton, Collins, Osceola and Windsor. The purchase is subject to regulatory approval from the FDIC and Missouri Division of Finance and is expected to close during the second quarter of 2003.

"We are excited about the opportunity to serve our existing customers in this new location and to develop new relationships in Springfield and the surrounding communities. This purchase is an extension of our strategy to move into metropolitan growth areas," said James E. Smith, chairman and CEO of Exchange National Bancshares Inc. "Springfield Branch President Jim Riggins will continue to manage the Springfield branch, and no personnel changes are anticipated."

In connection with the transaction, Citizens Union State Bank will receive approximately $30 million in loans and $34 million in deposits, as well as the real estate and tangible assets of the branch.

Exchange National Bancshares Inc., a multibank holding company, is the parent holding company of Exchange National Bank of Jefferson City, Citizens Union State Bank of Clinton and Osage Valley Bank of Warsaw. Upon completion of the branch purchase, Exchange National Bancshares will have total assets of approximately $825 million.

Commerce Bank

Commerce Bancshares Inc., the holding company for Commerce Bank, has announced earnings of 70 cents per share for the three months ended March 31. Those earnings represent an 8 percent increase compared to earnings of 65 cents per share for the same period in 2002. Net income for the first quarter was $47.2 million, compared to $45.5 million in the first quarter of 2002. The return on average assets for the three months ended March 31 was 1.46 percent; the return on equity was 13.3 percent, and the efficiency ratio was 61.2 percent.

Total assets at March 31 were $13.4 billion, total loans were $8 billion and total deposits were $10.3 billion. During the first quarter, the company increased its cash dividend to shareholders by 7 percent, marking the 35th consecutive year of per-share dividend increases.

Guaranty Federal

Guaranty Federal Bancshares Inc., the holding company for Guaranty Federal Savings Bank, announced quarterly earnings of 32 cents per share for the three months ended March 31. For the same quarter in 2002, the company reported earnings of 22 cents per share, so the newest earnings reflect a 45 percent increase.

Union Planters

Union Planters Corporation reported first quarter earnings of $133.7 million, or 67 cents per diluted share, which represents a 9.8 percent increase in diluted earnings per share compared to the same quarter in 2002. These results produced a return on average common equity of 17.08 percent and a return on average assets of 1.63 percent, compared to 16.10 percent and 1.59 percent, respectively, in the first quarter of 2002.

Net interest income on a fully taxable-equivalent basis was $316.8 million in the first quarter, compared to $328.3 million and $331.7 million, respectively, in the first and fourth quarters of 2002. The net interest margin, which was 4.24 percent for the quarter, continued to reflect compression from 4.53 percent in the first quarter, and 4.34 percent in the fourth quarter of 2002.

In a separate announcement, Union Planters declared a quarterly cash dividend of approximately 33.33 cents per share on the corporation's common stock. Additionally, the board of directors declared a quarterly cash dividend of 50 cents per share on the corporation's 8 percent Series E Convertible Preferred Stock.

Both cash dividends are payable May 15 to shareholders of record as of the close of business May 1.