Missouri's Central Bancompany has a deal to buy Fulton (Mo.) Bancorp for $31.7 million of cash, about 1.25 times book value and 29.6 times earnings.
Central, based in Jefferson City, operates 13 banks with 82 branches in Missouri. The company said it intends to merge Fulton Savings Bank, a $117 million-asset thrift with two branches, into its Central Trust Bank subsidiary.
Robert M. Robuck, vice chairman of the acquirer's board, said Fulton "will complement our operations" around Central's home base.
Terms of the deal call for $4.6 billion-asset Central to pay $19.15 in cash for each share of Fulton. The transaction is expected to close in the fourth quarter.