Southern Bank finalizes purchase of Peoples Bank

Poplar Bluff-based Southern Missouri Bancorp (Nasdaq: SMBC) yesterday completed its acquisition of Nixa-based Peoples Service Co. and its subsidiary Peoples Bank of the Ozarks.

In the stock-and-cash transaction valued at nearly $23 million, the holding company for Southern Bank assumes Peoples Bank's assets of roughly $266 million, deposits of $220 million and net loans of $193 million. It also adds 10 branches to its existing 25-branch system in southern Missouri and northern Arkansas, according to a news release.

The combined entity would hold assets of approximately $1.3 billion, deposits of $1 billion and loans of $1 billion. Southern Missouri expects to merge Peoples Bank into Southern Bank late this year.

“We are excited by the new opportunities this combination creates and believe it will greatly benefit our associates, customers and communities," Peoples Chairman and CEO Todd Hensley said in the release. The chief executive became a member of the Southern Missouri Board of Directors upon completion of the purchase.

For Southern Missouri's fiscal year ended June 30, net income available to common shareholders totaled $9.9 million, up from $9.7 million in fiscal 2013.

SMBC shares were trading at $35.06 as of 10:28 a.m., compared to a 52-week range of $26.02 to $37.29.