Poplar Bluff, Missouri, Sept. 20, 2022 (GLOBE NEWSWIRE) — Southern Missouri Bancorp, Inc. SMBC “, Southern Missouri”, ))), the parent company of Southern Bank, and Citizens Bancshares Co. (“Citizens”), the parent company of Citizens Bank and Trust Company, announced today that they have signed a definitive merger agreement, creating Southern Missouri Buy Citizens in a stock and cash transaction.
Citizens operates 14 banking centers in the greater Kansas City, St. Joseph and northwest Missouri areas. As of June 30, 2022, Citizens consolidated assets were $1.0 billion, including net loans of $465 million, while deposits were $879 million.
Southern Missouri reported total assets of $3.2 billion as of June 30, 2022, including net loans of $2.7 billion and total deposits of $2.8 billion. On a pro forma basis, total assets of the combined company after the acquisition will be approximately $4.5 billion, with net debt of $3.3 billion and total deposits of $3.8 billion. The combined company will operate 65 locations in Missouri, Arkansas, Illinois and Kansas.
Greg Steffens, Chairman and Chief Executive Officer of Southern Missouri, commented, “Southern Missouri Bancorp is very pleased to announce this partnership with Citizens. The Citizens franchise spans premier communities, including the greater Kansas City area. They have developed a strong deposit base and have a long history of serving their customers, which is a great addition to our continued growth. Additionally, a presence in Kansas City is helping make Southern Missouri a more significant statewide player in Missouri since we continue to build long-term shareholder value. “
“This merger provides Citizens with an opportunity to join a growing organization while maintaining our commitment to community banking,” said Roger Arwood, President and Chief Executive Officer of Citizens. “We look forward to the opportunities and benefits this combination will bring to our customers and communities…
