Poplar Bluff, Missouri, Aug. 5, 2014 (GLOBE NEWSWIRE) -- Southern Missouri Bancorp, Inc. ("Southern Missouri," NASDAQ:
SMBC), of Poplar Bluff, Missouri, announced that its acquisition of
Peoples Service Company ("Peoples"), Nixa, Missouri, and its
subsidiary, Peoples Bank of the Ozarks, was completed today.
Southern Missouri is the holding company for Southern Bank,
headquartered in Poplar Bluff, Missouri, operating 25 facilities in
southern Missouri and northern Arkansas. Peoples Bank of the
Ozarks is headquartered in Nixa, Missouri, and operates ten
facilities in southwest Missouri. Greg Steffens, President and
Chief Executive Officer of Southern Missouri, commented, "We are
very pleased to bring Peoples Bank of the Ozarks into the Southern
Missouri family and we look forward to growing our presence in
southwest Missouri. We know Peoples has a great customer base,
dedicated employees, and conducts business in outstanding
communities."
Todd Hensley, Chairman and Chief Executive Officer of Peoples,
added, "We are excited by the new opportunities this combination
creates and believe it will greatly benefit our associates,
customers, and communities."
As a result of the merger, each share of PSC held immediately
prior to closing is being exchanged for $11.50, plus .3289 shares
of Southern Missouri common stock. In addition, Mr. Hensley has
been appointed to the Board of Directors of Southern Missouri
effective as of the close of the merger.
Southern Missouri anticipates merging Peoples Bank of the Ozarks
with and into Southern Bank late in calendar 2014. As of June 30,
2014, Peoples Service Company reported total consolidated assets of
$266 million, loans, net, of $193 million, and deposits of $220
million. On a pro forma basis, the combined entity will hold assets
of approximately $1.3 billion, including loans, net, of $1.0
billion, and deposits of $1.0 billion. The transaction is expected
to be immediately accretive to earnings per share, excluding
transaction expenses, and to be accretive to tangible book value
within four years.
Sandler O'Neill + Partners, L.P. acted as financial advisor and
Holland & Knight served as legal advisor to Peoples, while
Silver, Freedman, Taff & Tiernan LLP served as legal advisor to
Southern Missouri.
Except for the historical information contained herein, the
matters discussed in this press release may be deemed to be
forward-looking statements that involve risks and uncertainties,
including changes in economic conditions in the Company's market
area, changes in policies by regulatory agencies, fluctuations in
interest rates, the risks of lending and investing activities,
including changes in the level and direction of loan delinquencies
and charge-offs and changes in estimates of the adequacy of the
allowance for loan losses, demand for loans and deposits in the
Company's market area, and competition. Actual strategies and
results in future periods may differ materially from those
currently expected. These forward-looking statements represent the
Company's judgment as of the date of this release. The Company
disclaims however, any intent or obligation to update these
forward-looking statements.
CONTACT: Matt Funke, CFO 573-778-1809
Greg Steffens, President/CEO 573-778-1800