Rhineland Bancshares expanding close to St. Louis with acquisition
Rhineland Bancshares in Hermann, Mo., has agreed to buy Clifford Bancshares in St. Peters, Mo.
The $330 million-asset Rhineland said in a press release Wednesday that it expects to complete the acquisition in the fourth quarter. It did not disclose the price it will pay for the $40 million-asset parent of CBC Bank.
St. Peters is about 30 miles northwest of St. Louis.
“This opportunity allows us to expand our footprint into communities that we feel fit our strategy well,” Mark Laune, Rhineland’s president and CEO, said in the release. “We are very excited to have CBC Bank join our financial institution and look forward to continued success.”
“We are pleased to enter into a … merger agreement with a locally owned independent bank that can maintain our commitment to the communities we serve,” Stephen Jones, chairman and CEO of Clifford Bancshares, said in the release.
“We appreciated the financial relationships we have developed and know our customers will continue to experience community banking at its best with more locations, services and financial resources,” Jones added.
Rhineland will have 11 branches when the deal closes.