Southern Missouri Bancorp, a parent company of Southern Bank, has completed the acquisition of Central Federal Bancshares, a parent company of Central Federal Savings & Loan Association.

Under the deal terms, the Central Federal Savings & Loan Association has merged with and into Southern Bank.

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As a result of this merger, Southern Missouri is paying $15.90 in cash for each share of Central Federal common stock held.

In total, Southern Missouri has paid Central Federal nearly $21.9m in cash as merger consideration.

The combined entity is expected to have nearly $2.4bn in assets and $2bn each in net loans and deposits on a pro forma basis.

Southern Missouri now operates 48 banking facilities in Missouri, Illinois, and Arkansas in the US.

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Southern Missouri president and CEO Greg Steffens said: “As this merger is taking place in the midst of an unusual and difficult time for our nation’s public health and our national and regional economies, we believe we can help Central Federal customers and the Rolla markets meet these challenges.

“We want to be a dependable partner in the community, living our vision as a bank with ‘Strong Roots, Strong Branches.’

“We do that by placing an emphasis on impeccable customer service and innovative technology, and we’re excited to help people do big things in Rolla.”

As of 31 March 2020, Central Federal had $70.1m in total consolidated assets, $52.2m in loans, and $46.3m in deposits.

The transaction is expected to be accretive to earnings per share (EPS) within six months of the deal closing.