Sep. 23—A bank with branches in St. Joseph and Northwest Missouri has announced a merger with another financial institution.
Southern Missouri Bancorp, Inc., the parent corporation of Southern Bank, will acquire Citizens Bank and Trust in a stock and cash transaction, according to a press release.
Citizens operates 14 banking centers in Kansas City, St. Joseph and Northwest Missouri. As of June 30, Citizens' consolidated assets were $1.0 billion, including net loans of $465 million, while deposits totaled $879 million.
Southern Missouri reported total assets as of June 30 of $3.2 billion, including net loans of $2.7 billion and total deposits of $2.8 billion.
The combined company will operate 65 locations in Missouri, Arkansas, Illinois and Kansas.
"Southern Missouri Bancorp is very pleased to announce this partnership with Citizens. Citizens' franchise covers excellent communities, including the Kansas City metropolitan area," said Greg Steffens, chairman and chief executive officer of Southern Missouri. "A presence in Kansas City helps transform Southern Missouri into a more significant statewide player in Missouri as we continue to build long-term shareholder value."
Under the terms of the merger agreement, Citizens' shareholders can elect either a fixed exchange ratio of 1.1448 shares of Southern Missouri common stock or a cash payment of $53.50 for each Citizens' share, subject to adjustment based on Citizens' capital and the total outstanding shares of Citizens at closing.
Southern Missouri and Citizens anticipate completion of the transaction early in the first calendar quarter of 2023.