Big things are happening at Southern Bank -
We’re thrilled to announce that Southern Bank’s parent company, Southern Missouri Bancorp, Inc (SMBC), has signed a merger agreement with Citizens Bank and Trust Company. With this acquisition, we’ll expand our footprint into the Kansas City metro area and northern Missouri.
Not only does this create an opportunity for us to serve new customers, it also allows our current customers even more access to our branches across the state.
Our total number of branches will soon be 65 operating in Missouri, Arkansas, Illinois, and now - Kansas. As we move into these new areas, we'll combine the best of Citizens Bank and Trust with the best of Southern Bank - meaning more great people and more branches to serve our customers. So, while you’re traveling across Missouri - maybe to see a Chiefs game or visit your kid at college - you’ll have a Southern Bank branch nearby.
The deal marks the second move into a major market within Missouri, as we completed the acquisition of FortuneBank in the St. Louis market in February 2022. This merger will grow SMBC’s total assets to approximately $4.5 billion, with net loans of $3.3 billion and total deposits of $3.8 billion - making SMBC the 8th largest bank headquartered in Missouri, and the 12th largest in deposit market share in Missouri.
We expect the transaction to be completed in the first calendar quarter of next year, 2023, subject to satisfaction of customary closing conditions, including regulatory and shareholder approvals for both parties.
To see the full press release, you can click here.