Jefferson City, Mo.-based Hawthorn Bank has sold a branch in Branson, Mo., to Branson Bank, Branson.
Total deposits transferred were approximately $10.6 million while loans assigned to the branch were retained. The $208 million Branson Bank has three other branches, two in Branson and one in Forsyth, Mo.
“This acquisition addresses several of our strategic objectives, namely better accommodation of continuing growth,” said Bill W. Jones, president of Branson Bank. “This purchase will allow our organization to centralize bank functions and it will create more efficient workflows, resulting in even better customer service and support.”
The sale is expected to result in a pre-tax gain of approximately $2.1 million for Hawthorn, subject to certain future adjustments required in the definitive agreement.
“We were pleased with how smoothly this transaction was completed and are confident that Branson Bank will continue to provide the same level of service our customers have come to expect,” said David T. Turner, chairman, CEO and president of the $1.4 billion Hawthorn Bank.
Hawthorn Bank continues to operate 22 branch locations, primarily in central and west central Missouri.