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Slide #56. Southern Missouri Bancorp — Ozarks Legacy Community Financial
Southern Missouri Bancorp (NASDAQ:SMBC)
Ozarks Legacy Community Financial
Southern Missouri Bancorp, Inc. (NASDAQ: SMBC, "Southern Missouri"), the parent corporation of Southern Bank, and Ozarks Legacy Community Financial, Inc. ("Ozarks Legacy"), the parent corporation of Bank of Thayer, today announced the signing of a definitive merger agreement whereby Southern Missouri will acquire Ozarks Legacy in an all-cash transaction valued at approximately $6.2 million, subject to certain adjustments for transaction expenses and Ozarks Legacy equity at closing. Southern Bank will also assume approximately $3.7 million in debt outstanding, plus accrued interest. Additionally, Southern Bank has entered into a definitive merger agreement with the Bank of Thayer whereby Bank of Thayer will be merged into Southern Bank in an all-cash transaction valued at approximately $262,000 for the minority shareholders of Bank of Thayer.
Southern Missouri Bancorp is a bank holding company. Through its subsidiary, Southern Bank, Co. is engaged in accepting retail deposits from the general public and using such deposits along with wholesale funding from the Federal Home Loan Bank of Des Moines, and to a lesser extent, brokered deposits, to invest in one- to four-family residential mortgage loans, mortgage loans secured by commercial real estate, commercial non-mortgage business loans, and consumer loans. Co. provides a selection of deposit instruments, including interest-bearing and noninterest-bearing transaction accounts, money market deposit accounts, saving accounts, certificates of deposit and retirement savings plans.
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Strong Buy (4.00 out of 4)