Poplar Bluff-based Southern Missouri Bancorp Inc. (Nasdaq: SMBC), the parent company of Southern Bank, signed a definitive agreement to acquire Kansas City-based Citizens Bancshares Co.
The deal with the parent company of Citizens Bank and Trust Co., is valued at $140 million, according to a news release. The acquisition is slated for completion in first-quarter 2023, pending regulatory and shareholder approvals.
"Citizens’ franchise covers excellent communities, including the Kansas City metropolitan area," said Greg Steffens, Southern Bank's CEO and chair, in the release. "They have developed a strong deposit base and have a long history of serving their customers, which will be a great addition to our continued growth."
Southern Bank, which operates its regional corporate office in Springfield, is slated to add 14 branches, $1 billion in assets and $879 million in deposits through the acquisition. The branches are mainly in Kansas City but stretch into northwest, north and central Missouri. The combined company would have 65 branches, $4.5 billion in assets and $3.8 billion in deposits.
SMBC shares were trading at $51.70 as of 10:09 a.m., compared with a 52-week range of $41.79 to $61.93 per share.
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