Southern Missouri Bancorp, Poplar Bluff, has agreed to acquire Gideon Bancshares Company, Gideon, Mo., in a stock and cash transaction worth about $22.7 million.
Gideon Bancshares owns 92 percent of First Commercial Bank, which operates ten locations in southeast Missouri. At March 31, Gideon’s consolidated assets were $223 million, including loans, net of allowance, of $145 million, while deposits totaled $176 million.
Southern Missouri reported consolidated assets at March 31 of approximately $1.8 billion, including net loans of $1.5 billion, and total deposits of $1.6 billion. On a pro forma basis, the combined company’s total assets will be approximately $2.1 billion, with total net loans of $1.7 billion, and total deposits of $1.8 billion.
“Southern Missouri has a long history in southeast Missouri and we are pleased to add a number of very fine communities to those we serve in the area. We are also excited to bring an expanded presence to Dexter, Missouri, one of the markets we’ve served the longest,” stated Greg Steffens, president and CEO of Southern Missouri.
First Commercial President Brett Dorton will join Southern Missouri’s executive management team in an unspecified role.
The firm of Yewell G. Lawrence served as legal advisor to Gideon, while Silver, Freedman, Taff & Tiernan LLP served as legal advisor to Southern Missouri.