Southern Bank finalizes acquisition of KC business

Poplar Bluff-based Southern Missouri Bancorp Inc. (Nasdaq: SMBC), the parent company of Southern Bank that operates its regional corporate office in Springfield, has closed on an acquisition.

Southern Bank's purchase of Kansas City-based Citizens Bancshares Co. was effective Jan. 20, according to a news release. The deal was announced last fall.

Southern Bank paid $131.4 million in merger consideration costs, comprising stock and cash, officials say. Citizens Bancshares was privately held.

"We are looking forward to participating in the continued growth of the excellent communities they call home, including the Kansas City metropolitan area, and Citizens’ strong core deposit base will be a meaningful addition to our funding mix," Southern Bank Chair and CEO Greg Steffens said in the release.

The combined entity has roughly $4.4 billion in assets and $3.8 billion in deposits. Citizens added roughly $973 million in assets and $838 million in deposits.

SMBC shares were trading at $46.93 as of 9:52 a.m., compared with a 52-week range of $41.79 to $57.81 per share.