Southern Missouri Bancorp, Inc. Announces Completion of Acquisition of Citizens State Bankshares of Bald Knob
February 21 2014 - 5:50PM
Southern Missouri Bancorp, Inc. ("Southern Missouri," NASDAQ:
SMBC), of Poplar Bluff, Missouri, the parent company of Southern
Bank, announced that its acquisition of Citizens State Bankshares
of Bald Knob, Inc., ("Citizens") and its subsidiary, Citizens State
Bank, was completed today.
Southern Missouri is the holding company for
Southern Bank, headquartered in Poplar Bluff, Missouri, operating
22 branch offices in Missouri and Arkansas. Citizens is
headquartered in Bald Knob, Arkansas, and operates three branch
offices in Arkansas. Greg Steffens, President and Chief Executive
Officer of Southern Missouri, welcomed Citizens State Bank
customers. "We are very happy to offer these communities a
wider selection of services and look forward to growing with these
markets," said Steffens.
Larry Kircher, Chairman & CEO of Citizens,
who will remain with the combined entity in an advisory capacity,
commented, "As we knew entering into this agreement with Southern
Bank, we are bringing to our community an organization with a
strong commitment to customer service and local decision-making.
Citizens depositors can look forward to a great relationship with
our organization going forward."
As of December 31, 2013, Citizens State Bank
reported total assets of $70 million, loans, net, of $12 million,
and deposits of $62 million.
Except for the historical information contained
herein, the matters discussed in this press release may be deemed
to be forward-looking statements that involve risks and
uncertainties, including changes in economic conditions in the
Company's market area, changes in policies by regulatory agencies,
fluctuations in interest rates, the risks of lending and investing
activities, including changes in the level and direction of loan
delinquencies and charge-offs and changes in estimates of the
adequacy of the allowance for loan losses, demand for loans and
deposits in the Company's market area, and competition. Actual
strategies and results in future periods may differ materially from
those currently expected. These forward-looking statements
represent the Company's judgment as of the date of this release.
The Company disclaims however, any intent or obligation to update
these forward-looking statements.
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