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Like a lot of buyers, Southern Missouri Bancorp would like to acquire bigger banks, but in agreeing to buy Bank of Thayer and its parent for $6.5 million, its execs say they are being realistic and going for what is available.
June 24 -
Four Corners Community Bank in Farmington, N.M., has agreed to buy Citizens State Bank of Cortez in Colorado.
June 12 -
Central Arizona Bank, a unit of Capitol Bancorp, was set to be shut down with two sister banks last Friday, but a legal challenge bought it a few extra days.
May 15
Alamogordo Financial Corp. (ALMG) in New Mexico has agreed to buy Bank 1440 (BFFO) in Phoenix.
Alamogordo will pay $7.6 million for the $79 million-asset bank, the parties announced Wednesday. Alamogordo will pay $3.41 for each share of Bank 1440, a 210% premium to the Tuesday closing price of $1.10. Bank 1440s shareholders can choose to receive cash, stock or a combination.
Adding Bank 1440's two Phoenix-area branches will double the Alamogordo, N.M., company's branch network. Its subsidiary, the $180 million-asset Bank'34, has two branches in southern New Mexico.
"In an era of big banks, we are committed to the preservation of a true community banking model across the entire Bank'34 franchise, Jill Gutierrez, chief executive of Bank'34, said in a news release. "Bank 1440's dedicated employees will endure as the faces, heart and soul of the Bank'34 franchise in Arizona."
Keefe, Bruyette & Woods was Alamogordo's financial advisor, and Luse Gorman Pomerenk & Schick was its legal counsel on the agreement. FIG Partners was Bank 1440's financial advisor and Fenimore, Kay, Harrison & Ford its legal counsel. The deal requires regulatory approval.
