Magna-Landmark Deal Advances
BELLEVILLE, Ill. -- Magna Group Inc. said the Federal Reserve Board has approved its application to acquire Landmark Bancshares Corp.
The merger, creating a $4.1 billion-asset holding company in the St. Louis area, had been approved by stockholders of both corporations on Oct. 28.
Magna agreed to pay 0.81 of its common shares plus 50 cents for each Landmark share. Preferred shareholders of Landmark will receive Magna preferred shares that have similar terms.
The exchange ratio was based on the $11.4781 average market value of Magna's common stock during the 20-day period that ended four trading days before the Federal Reserve approval.
Number of Shares
Magna will issue 5,885,193 shares of its common stock to Landmark stockholders. The combined company will have 19,364,685 shares outstanding.
Magna Group Inc. has $2.3 billion in assets and owns five banks with 49 locations in central and southern Illinois, a trust company, and a data processing company.
Landmark Bancshares Corp. has $1.9 billion in assets and 49 locations in Missouri and Illinois.