Southern Missouri Bancorp in Poplar Bluff has agreed to buy Tammcorp in Tamms, Ill.

The $1.5 billion-asset Southern Missouri said in a press release Wednesday that it will pay $23.4 million for the $194 million-asset parent of Capaha Bank. Southern Missouri will also assume about $3.8 million in debt.

The cash-and-stock deal is expected to close in the second quarter.

Southern Missouri also said it could buy shares in Capaha held by minority investors, which own about 9% of the bank.

John Abercrombie, Capaha's chairman, president and CEO, is expected to join Southern Missouri's board.

Excluding one-time merger charges, the transaction is expected to be accretive to Southern Missouri's earnings per share by about 3% in fiscal 2018 and 7.9% in fiscal 2019. It should take about two years for Southern Missouri to earn back the deal's 1.8% dilution to its tangible book value.

Sheshunoff & Co. and Fenimore, Kay, Harrison, & Ford advised Tammcorp. Silver, Freedman, Taff & Tiernan advised Southern Missouri.

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