Citizens Bancshares Company and Southern Missouri Bancorp, Incorporated have announced the signing of a definitive merger agreement through which Southern Missouri will acquire Citizens in a stock and cash transaction.
There are 14 Citizens Bank and Trust Company banking centers, including in Trenton, Chillicothe, Brookfield, and Macon. Other locations are in greater Kansas City, Saint Joseph, and Northwest Missouri.
The combined company will operate 65 locations in Missouri, Arkansas, Illinois, and Kansas. The bank will be called Southern Bank. On June 30th, Citizens’ consolidated assets were $1 billion, including net loans of $465 million, while deposits totaled $879 million. Southern Missouri reported total assets on June 30th of three point two billion dollars ($3.2 billion), including net loans of $2.7 billion and total deposits of $2.8 billion.
Under the terms of the merger agreement, unanimously approved by the boards of both entities, Citizens’ shareholders will have the right to elect a fixed exchange ratio of 1.1448 shares of Southern Missouri common stock or a cash payment of $53.50 for each Citizens’ share, subject to adjustment based on Citizens’ capital and the total outstanding shares of Citizens at closing.
The transaction is expected close during the first quarter of 2023.