KANSAS CITY, Mo. -- Central Mortgage Bancshares Inc. said the Securities and Exchange Commission has cleared the way for its proposed offering of a million shares of common stock at $10 each.

Central Mortgage, the parent of Citizens-Jackson County Bank, three other Missouri banks, and a mortgage division in Springfield, Mo., is expecting net proceeds of $9 million.

Stifel, Nicolaus and Co. and the Chicago Corp., the underwriters, have a 30-day option to buy up to 150,000 additional shares to cover overallotments that could bring the proceeds to $10.4 million.

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