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Note 12: Business Combinations
3 Months Ended
Sep. 30, 2017
Notes  
Note 12: Business Combinations

Note 12:  Business Combinations

 

On August 17, 2017, the Company announced the signing of an agreement and plan of merger whereby Southern Missouri Bancshares, Inc. (“Bancshares”), and its wholly-owned subsidiary, Southern Missouri Bank of Marshfield, will be acquired by the Company in a stock and cash transaction valued at approximately $15.1 million, (representing 140% of Bancshares’ anticipated capital, as adjusted, at closing). At June 30, 2017, Bancshares held consolidated assets of $91.6 million, loans, net, of $69.1 million, and deposits of $73.6 million. The transaction is expected to close in the first quarter of calendar year 2018, subject to satisfaction of customary closing conditions, including regulatory and shareholder approvals. The acquired financial institution is expected to be merged with and into Southern Bank simultaneously with the acquisition of Bancshares in the first quarter of calendar year 2018.  Through September 30, 2017, the Company incurred a total $75,000 of third-party acquisition-related costs with $50,000 being included in noninterest expense in the Company's consolidated statement of income for the three months ended September 30, 2017.