Magna Group Inc. said that Homeland Bankshares stockholders approved a merger of the two banks.

Under the agreement, Magna will issue 5.04 million shares of common stock and pay about $92 million in cash for the 5.7 million shares of Homeland common.

Regulatory approval was completed in December.

Homeland Bankshares, a $1.2 billion-asset holding company based in Des Moines, has 30 bank offices in Iowa. Once the transaction is completed March 1, Magna will have $6.6 billion of assets.

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