Note 9 - Acquisitions

3 Months Ended

Mar. 31, 2018

Notes to Financial Statements

Mergers, Acquisitions and Dispositions Disclosures [Text Block]

NOTE

9

–ACQUISITIONS

BATES

COMPANIES

On

March 20, 2018

the Company announced the signing of definitive agreements to acquire the Bates Companies, headquartered in Rockford, Illinois. The acquisition and subsequent merger of the Bates Companies into RB&T will enhance the wealth management services of RB&T by adding approximately

$700.0

million of assets under management.

In the acquisition, the Company will acquire

100%

of the Bates Companies’ outstanding common stock for an aggregate consideration of

$3.0

million cash and up to

$3.0

million of the Company’s common stock. In a private placement exempt from registration with the SEC, the Company expects to issue upon closing of the transaction approximately

21,528

common shares or

$1.0

million of Company stock. Assuming all future performance based contingent consideration is realized total stock consideration can reach

$3.0

million, which would result in the Company expecting to issue approximately

64,583

common shares based on closing stock price at the date of announcement.

This transaction is subject to regulatory approval and certain closing conditions. The transaction is expected to close late in

second

quarter or early

third

quarter of

2018.

 

SPRINGFIELD BANCSHARES, INC.

On

April 18, 2018,

the Company announced the signing of a definitive agreement to purchase

100%

of the outstanding common stock of Springfield Bancshares, the holding company of SFC Bank, headquartered in Springfield, Missouri. The Company will continue to operate SFC Bank, retaining its separate charter and brand within the Springfield, Missouri market. SFC Bank has

one

banking location and approximately

$563.2

million in assets and

$446.5

million in deposits as of

March 31, 2018.

In the acquisition, the stockholders of Springfield Bancshares will receive

0.3060

shares of the Company’s common stock and

$1.50

in cash in exchange for each common share of Springfield Bancshares held. Based upon the closing price of the Company’s common stock as of

April 16, 2018,

the transaction is valued at approximately

$86.7

million.

This transaction is subject to regulatory approvals, approval by Springfield Bancshares’ stockholders and certain customary closing conditions. The transaction is expected to close in the

third

quarter of

2018.