Springfield, MO

Log in Subscribe

Southern Bank operates its regional corporate office in Springfield.
SBJ file
Southern Bank operates its regional corporate office in Springfield.

Southern Bank parent company pens acquisition

Posted online

Poplar Bluff-based Southern Missouri Bancorp Inc. (Nasdaq: SMBC), the parent company of Southern Bank, signed a definitive agreement to acquire Kansas City-based Citizens Bancshares Co.

The deal with the parent company of Citizens Bank and Trust Co., is valued at $140 million, according to a news release. The acquisition is slated for completion in first-quarter 2023, pending regulatory and shareholder approvals.

"Citizens’ franchise covers excellent communities, including the Kansas City metropolitan area," said Greg Steffens, Southern Bank's CEO and chair, in the release. "They have developed a strong deposit base and have a long history of serving their customers, which will be a great addition to our continued growth."

Southern Bank, which operates its regional corporate office in Springfield, is slated to add 14 branches, $1 billion in assets and $879 million in deposits through the acquisition. The branches are mainly in Kansas City but stretch into northwest, north and central Missouri. The combined company would have 65 branches, $4.5 billion in assets and $3.8 billion in deposits.

SMBC shares were trading at $51.70 as of 10:09 a.m., compared with a 52-week range of $41.79 to $61.93 per share.


No comments on this story |
Please log in to add your comment
Editors' Pick
Open for Business: The Sweet Deal

A baked goods vendor at Farmers Market of the Ozarks expanded to a brick-and-mortar operation; the first lending center for Old Missouri Bank opened; and London Calling Pasty Co. added a new food truck.

Most Read Poll
Have you left Twitter since Elon Musk's takeover?


View results

Update cookies preferences