Freedom Bank completes acquisition

An acquisition deal between two southwest Missouri banks has closed.

Cassville-based Freedom Bank of Southern Missouri completed the purchase of Monett-based Community National Bank on June 12, according to a news release. Financial terms were undisclosed.

Announced five months ago, the deal gives Freedom Bank two branches in Monett and Aurora. However, the conversion of the Community National Bank branches is scheduled for Aug. 15. The acquisition brings Freedom Bank's branch count to seven, including locations in Cassville, Willard, Shell Knob, Golden and Seligman.

"Freedom Bank is excited to expand to Monett, Aurora and the surrounding communities," said Michael Wallace, former chairman of CNB who's now a Freedom Bank board member, in the release. "We value the relationship that CNB has developed with their customers and look forward to serving them in the future."

Freedom Bank is taking on roughly $138 million in CNB assets and nearly $83 million in deposits, according to past Springfield Business Journal reporting. With the additions, Freedom Bank will have roughly $430 million in assets and $367 million in deposits.