Southern Missouri Bancorp (SMBK) in Poplar Bluff, Mo., has agreed to buy Ozarks Legacy Community Financial in Thayer, Mo.
Southern Missouri will pay $6.2 million in cash for the $79.8 million-asset Ozarks Legacy, the companies said late Friday. Southern Missouri will also repay $3.7 million of Ozarks Legacy debt as part of the agreement.
It addition, Southern Missouri's Southern Bank will pay $262,000 to the minority shareholders of Bank of Thayer, Ozark Legacy's bank, as part of a separate agreement between the companies.
Ozarks Legacy has four Missouri branches. The $787 million-asset Southern Missouri Bancorp has 21 branches in Missouri and Arkansas.
"We are very pleased with the opportunity to expand our network," Greg Steffens, Southern Missouri's president and chief executive, said in a press release. "We have a business model that has proven successful in meeting the financial needs of borrowers and depositors in communities similar to these, and we look forward to welcoming Bank of Thayer employees and customers."
The companies expect the merger to close in the fourth quarter. CrossFirst Advisors was Ozarks Legacy's financial advisor; Stinson Morrison Hecker served as legal counsel. Silver, Freedman & Taff was Southern Missouri's legal counsel.