Southern Missouri Bank issues 1 million shares

Poplar Bluff-based Southern Missouri Bancorp Inc. (Nasdaq: SMBC) on Nov. 16 issued a public offering of 1 million shares of its common stock at a price of $19 per share. The holding company operates one Springfield branch at 4650 S. National Ave.

The company expects to gain gross proceeds of $19 million from the offering, with profits of roughly $17.3 million after deducting underwriting discounts, commissions and offering expenses, according to a news release.

New York-based investment banking firm Sandler O'Neill & Partners LP is serving as the sole manager of the offering. Southern Missouri has granted the firm a 30-day window to purchase up to 150,000 additional shares to cover over-allotments, which would results in additional gross proceeds of roughly $2.9 million.

Southern Missouri has said profits would fund organic loan growth, securities purchases, acquisition opportunities and dividend payments.

As of 8:53 a.m., the company's shares were trading at $21, compared to a 52-week range of $15 to $28.[[In-content Ad]]