This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Southern Missouri Bancorp And Peoples Service Company Announce Agreement To Merge

Poplar Bluff, MO, Feb. 25, 2014 (GLOBE NEWSWIRE) -- Southern Missouri Bancorp, Inc. (NASDAQ: SMBC, "Southern Missouri"), the parent corporation of Southern Bank, and Peoples Service Company ("Peoples"), which is the 80% owner of Peoples Banking Company ("PBC"), which is the 100% owner of Peoples Bank of the Ozarks, today announced the signing of a definitive merger agreement whereby Southern Missouri will acquire Peoples in a stock and cash transaction.  The minority shareholders of PBC will be entitled to receive the merger consideration payable under the terms of the merger agreement.

Peoples operates ten branches in Christian, Greene, Stone, Taney, and Webster counties in southwest Missouri.  Eight of these branches are located in the Springfield, Missouri, Metropolitan Statistical Area (MSA).  At December 31, 2013, Peoples' consolidated assets were $275 million, including loans, net, of $191 million, while deposits totaled $230 million. 

Southern Missouri, following its February 21, 2014, acquisition of Citizens State Bankshares of Bald Knob, Inc., Bald Knob, Arkansas (the parent corporation of Citizens State Bank), would have reported total assets at December 31, 2013, of approximately $1.0 billion, including loans, net, of $760 million, and total deposits of $792 million, on a pro forma basis.

After Southern Missouri's acquisition of Peoples, the combined company's total assets will approximate $1.3 billion, with total loans, net, of $951 million, and total deposits of $1.0 billion.  The combined company will operate 35 branches in southern Missouri and northeast and north central Arkansas.

Under the terms of the merger agreement, unanimously approved by the boards of both entities, Peoples Service Company shareholders will receive 0.3289 shares of Southern Missouri common stock and $10.90 in cash for each share of Peoples common stock, subject to adjustment based on Peoples' capital at closing.  Based on the average closing price of $33.13 per share for Southern Missouri stock over the most recent 20 trading days, the deal is valued at approximately $22.9 million.  As part of the merger, Southern Missouri will also assume approximately $6.5 million in subordinated debt and retire $2.9 million in other debt. 

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,813.39 +1.20 0.01%
S&P 500 2,088.87 -0.27 -0.01%
NASDAQ 5,116.1430 +13.3350 0.26%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs