ST. LOUIS -- Home Federal Bancorp of Missouri Inc. had reiterated its opposition to unsolicited acquisition proposals from First Banks Inc.
St. Louis-based Home Federal said the latest response came after a financial review of itself by its outside auditors.
First Banks, a privately held holding company, had proposed to pay Home Federal shareholders either $26.75 cash per share or preferred stock in a tax-free exchange.
First Banks is controlled by James F. Dierberg, who indirectly is Home Federal's largest shareholder, with about a 10% interest.
Home Federal said it board "intends to pursue the long-term plan of independent growth through internal expansion and possible selective negotiated acquisitions."