Southern Missouri Bancorp wraps up acquisition of Citizens Bancshares
Southern Missouri Bancorp, the Missouri-based holding company for Southern Bank, has completed its previously announced $140 million acquisition of Citizens Bancshares, the parent company of Citizens Bank & Trust Company.
At the time of announcing the stock and cash deal in September 2022, Citizens Bank & Trust Company operated 14 banking centers across greater Kansas City, Northwest Missouri, and St. Joseph.
Following the closing of the subsequent merger, Southern Missouri Bancorp has a total of 65 banking facilities in Missouri, Illinois, Kansas, and Arkansas.
Greg Steffens — Southern Missouri Bancorp Chairman and CEO said: “We are very pleased to welcome the team members and valued customers of Citizens Bank & Trust Company to our Southern Bank family.
“We are looking forward to participating in the continued growth of the excellent communities they call home, including the Kansas City metropolitan area, and Citizens’ strong core deposit base will be a meaningful addition to our funding mix.”
Under the terms of the deal, each of the Citizens Bancshares’ shares has been exchanged for 1.1755 shares of Southern Missouri Bancorp or $54.93 in cash. The latter paid nearly $131.4 million in consideration, made up of stock and cash at a ratio of 74:26.