Southern Missouri Bancorp To Acquire Citizens Bancshares

(RTTNews) - Southern Missouri Bancorp Inc. (SMBC) said that it agreed to acquire Citizens Bancshares Co in a stock and cash transaction.

Under the terms of the merger agreement, Citizens' shareholders will have the right to elect either a fixed exchange ratio of 1.1448 shares of Southern Missouri common stock or a cash payment of $53.50 for each Citizens' share. Based on Southern Missouri's average closing stock price of $52.53 over the 20-day trading period ended September 19, 2022, the aggregate transaction value is approximately $140 million.

The combined company will operate 65 locations in Missouri, Arkansas, Illinois, and Kansas.

The transaction is anticipated to be accretive to earnings per share by about 5% in fiscal year ended June 30, 2023, and by 17% in fiscal year ended June 30, 2024.

Southern Missouri and Citizens anticipate completion of the transaction early in the first calendar quarter of 2023.