YOUR BUSINESS AUTHORITY

Springfield, MO

Log in Subscribe
Crews change signage at 4675 Gretna Road in advance of Branson Bank’s new branch opening.
Photo provided by Branson Bank
Crews change signage at 4675 Gretna Road in advance of Branson Bank’s new branch opening.

Branson Bank finalizes purchase of Hawthorn branch

Posted online

A former Hawthorn Bank branch opened this morning as Branson Bank after a purchase agreement signed last fall was completed.

Branson Bank and Jefferson City-based Hawthorn Bancshares Inc. (Nasdaq: HWBK) finalized the purchase of the branch for undisclosed terms on Feb. 9, following the green light from both companies’ boards and regulatory approval, according to a news release.

“This acquisition addresses several of our strategic objectives, namely better accommodation of continuing growth,” Branson Bank President Bill Jones said in the release. “This purchase will allow our organization to centralize bank functions and it will create more efficient workflows, resulting in even better customer service and support.”

The former Hawthorn Bank branch — located at 4675 Gretna Road — becomes Branson Bank’s fourth full-service location. The company operates two other branches in Branson and one in Forsyth. It also has a lending center in Branson West, according to its website.

Through the purchase, announced in October, Branson Bank took control of roughly $15 million in deposits via 900 accounts. An undisclosed amount of loans were not included in the sale, according to past Springfield Business Journal reporting.

Branson Bank has roughly $210 million in assets, according to the release. Its deposits were $175.2 million as of June 30, according to Federal Deposit Insurance Corp. data.

Hawthorn Bancshares recently reported 2018 net income of $10.7 million, up from $3.4 million in the prior year, according to a separate news release. It has 21 locations.

HWBK shares were trading at $22.94 as of 10:21 a.m., compared with a 52-week range of $19.23 to $24.88.

Comments

No comments on this story |
Please log in to add your comment
Editors' Pick

Open for Business: carGo Technologies LLC

Cape Girardeau-based carGo Technologies LLC launched its ride-hailing and delivery services in the Springfield market; the 90-bed, $8.7 million Lake Stockton Healthcare Facility began operating; and First Home Bank officially changed its name to Stockmens Bank.

Most Read
SBJ.net Poll
What Proposition S project are you most anticipating?

View results