Southern Missouri Bancorp, the parent company of Southern Bank, has completed its previously announced merger of Gideon Bancshares Company, the holder of First Commercial Bank.
As part of the agreement, First Commercial Bank will be merged into Southern Bank, a process which is expected to be completed by next month.
Southern Missouri president and CEO Greg Steffens said: “We welcome the First Commercial Bank team members and customers to the Southern Bank family and look forward to working with them.
“We are happy to see this addition to our presence in southeast Missouri and believe it will significantly improve our ability to serve this region, and also allow us to offer exciting new products and services to First Commercial Bank customers.”
Southern Missouri-Gideon Bancshares merger details:
In June, Southern Missouri Bancorp signed a merger agreement to acquire Gideon in a stock and cash transaction.
Under the terms of the agreement, Gideon shareholders received 2.0486 shares of Southern Missouri common stock and $72.79 in cash for each share. The overall value of the transaction is $22.7m.
First Commercial Bank president Brett Dorton will join the executive management team of Southern Bank as an executive vice-president and chief strategies officer, as a part of the deal.
Gideon has ten branches across southeast Missouri. The company’s consolidated assets were $223m, with deposits $176m, as of 31 March 2018.
On the other hand, Southern Bank has 41 banking facilities across Missouri, Illinois and Arkansas.
As of 31 March 2018, Southern Bank had nearly $1.8bn in consolidated assets.
