- Southern Missouri Bancorp ( NASDAQ: SMBC ), parent of Southern Bank, and Citizens Bancshares, parent company of Citizens Bank and Trust Company sign merger agreement whereby Southern Missouri will acquire Citizens in a stock and cash transaction.
- Citizens’ shareholders will have the right to 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.
- The deal value equates to 150% of Citizens’ tangible capital at June 30, 2022, represents a 5.9% premium to core deposits, and is a multiple of 7.1 times Citizens’ projected forward earnings.
- At June 30, 2022, Citizens’ consolidated assets were $1B, including net loans of $465M, while deposits totaled $879M.
- Southern Missouri reported total assets at June 30, 2022, of $3.2B, including net loans of $2.7B, and total deposits of $2.8B.
- Transaction completion is expected in Q1 2023.
For further details see:
Southern Missouri Bancorp and Citizens Bancshares to merge