Southern Missouri Bancorp, Inc. announces completion of merger with Tammcorp, Inc.
June 16 2017 - 6:15PM
SOUTHERN MISSOURI BANCORP, INC.ANNOUNCES
COMPLETION OF MERGER WITH TAMMCORP, INC.
Southern Missouri Bancorp, Inc. (“Southern Missouri,” NASDAQ:
SMBC), of Poplar Bluff, Missouri, the parent corporation of
Southern Bank announced that its merger with Tammcorp, Inc.
(“Tammcorp”), Tamms, Illinois, and its subsidiary, Capaha Bank
(“Capaha”), was completed today.
Southern Missouri is the holding company for Southern Bank,
headquartered in Poplar Bluff, Missouri, operating 36 facilities in
southern Missouri and northern Arkansas. Capaha operates six
branches, three of which are located in Cape Girardeau County in
southeast Missouri, along with three branches in Alexander and
Union counties in southern Illinois. Greg Steffens, President and
Chief Executive Officer of Southern Missouri, commented, “We are
very pleased to bring Capaha into the Southern Missouri
family and we look forward to growing our presence in southeast
Missouri and southern Illinois. We know Capaha has a great customer
base, dedicated employees, and conducts business in outstanding
communities.”
John Abercrombie, Chairman and Chief Executive Officer of
Capaha, added, “We are excited by the new opportunities this merger
creates and believe it will greatly benefit our associates,
customers, and communities.”
As a result of the merger, each share of Tammcorp held
immediately prior to closing is being exchanged for $1,617.64, plus
50.4724 shares of Southern Missouri common stock. In addition, Mr.
Abercrombie became a member of the Board of Directors of Southern
Missouri effective with the closing of the Merger and will be
appointed to the board of Southern Bank at the next regularly
scheduled board meeting.
At March 31, 2017, Tammcorp reported total consolidated assets
of $203 million, loans, net, of $156 million, and deposits of $181
million. On a pro forma basis, the combined entity will hold assets
of approximately $1.7 billion, including loans, net, of $1.4
billion, and deposits of $1.5 billion. The transaction is expected
to be immediately accretive to earnings per share, excluding
transaction expenses, and to be accretive to tangible book value in
approximately two years.
Sheshunoff & Co. acted as financial advisor and Fenimore,
Kay, Harrison & Ford, LLP served as legal advisor to Tammcorp,
while Silver, Freedman, Taff & Tiernan LLP served as legal
advisor to Southern Missouri.
Forward-Looking Information:
Except for the historical information contained herein, the
matters discussed in this press release may be deemed to be
forward-looking statements that are subject to known and unknown
risks, uncertainties, and other factors that could cause the actual
results to differ materially from the forward-looking statements,
expected cost savings, synergies and other benefits from Southern
Missouri’s merger and acquisition activities, including this
acquisition might not be realized within the anticipated time
frames or at all, and costs or difficulties relating to integration
matters, including but not limited to customer and employee
retention, might be greater than expected; the strength of the
United States economy in general and the strength of the local
economies in which we conduct operations; fluctuations in interest
rates and in real estate values; monetary and fiscal policies of
the Board of Governors of the Federal Reserve System and the U.S.
Government and other governmental initiatives affecting the
financial services industry; the risks of lending and investing
activities, including changes in the level and direction of loan
delinquencies and write-offs and changes in estimates of the
adequacy of the allowance for loan losses; our ability to access
cost-effective funding; the timely development of and acceptance of
our new products and services and the perceived overall value of
these products and services by users, including the features,
pricing and quality compared to competitors' products and services;
fluctuations in real estate values and both residential and
commercial real estate market conditions; demand for loans and
deposits in our market area; legislative or regulatory changes that
adversely affect our business; results of examinations of us by our
regulators, including the possibility that our regulators may,
among other things, require us to increase our reserve for loan
losses or to write-down assets; the impact of technological
changes; and our success at managing the risks involved in the
foregoing. Any forward-looking statements are based upon
management’s beliefs and assumptions at the time they are made. We
undertake no obligation to publicly update or revise any
forward-looking statements or to update the reasons why actual
results could differ from those contained in such statements,
whether as a result of new information, future events or otherwise.
In light of these risks, uncertainties and assumptions, the
forward-looking statements discussed might not occur, and you
should not put undue reliance on any forward-looking
statements.
No Offer or Solicitation:
This press release is being provided for informational purposes
only and does not constitute (i) an offer to purchase, nor a
solicitation of an offer to sell, subscribe for or buy any
securities, (ii) an offer to exchange any securities or (iii) the
solicitation of any vote for approval of any transaction. There
shall not be any offer, solicitation, sale or exchange of any
securities in any state or other jurisdiction in which such offer,
solicitation, sale, or exchange is not permitted.
Matt Funke
573-778-1809
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