Poplar Bluff, MO, June 21, 2013 (GLOBE NEWSWIRE) -- Southern Missouri Bancorp, Inc. (NASDAQ: SMBC, "Southern Missouri"), the parent corporation of Southern Bank, and Ozarks Legacy Community Financial, Inc. ("Ozarks Legacy"), the parent corporation of Bank of Thayer, today announced the signing of a definitive merger agreement whereby Southern Missouri will acquire Ozarks Legacy in an all-cash transaction valued at approximately $6.2 million, subject to certain adjustments for transaction expenses and Ozarks Legacy equity at closing. Southern Bank will also assume approximately $3.7 million in debt outstanding, plus accrued interest. Additionally, Southern Bank has entered into a definitive merger agreement with the Bank of Thayer whereby Bank of Thayer will be merged into Southern Bank in an all-cash transaction valued at approximately $262,000 for the minority shareholders of Bank of Thayer.
The Bank of Thayer operates four branches in Oregon and Howell counties in south central Missouri. In West Plains, Missouri, the Bank of Thayer conducts business under the name Howell County Bank. After the acquisition, the combined company's total assets will approximate $877 million, with total loans of $656 million and total deposits of $701 million. The combined company will operate 22 branches in southern Missouri and northeast and north central Arkansas.
"We are very pleased with the opportunity to expand our network into Thayer, West Plains, and Alton, Missouri," stated Greg Steffens, President and CEO of Southern Missouri. "We have a business model that has proven successful in meeting the financial needs of borrowers and depositors in communities similar to these, and we look forward to welcoming Bank of Thayer employees and customers to our Southern Bank family."Roger Lonon, President and CEO of Bank of Thayer, will remain with the combined entity in the role of Community Bank President for the region. "Southern Bank is a strong community bank that is community focused, customer service driven, offers the latest in technology and takes pride in providing personalized service to the individual markets they serve. This merger will allow us to expand our product and service lines, offer convenient locations to our customers throughout southern Missouri and northern Arkansas and increase our lending limits, providing excellent future benefits for our customers," said Lonon.