Southern Missouri Bancorp (SMBC) in Poplar Bluff, Mo., has agreed to buy Peoples Banking Company in Nixa, Mo.

Southern Missouri will pay roughly $22.9 million in cash and stock for Peoples, according to the companies' joint Wednesday press release. Southern Missouri will also assume $6.5 million in subordinated debt and retire $2.9 million in other debt under the terms of the merger agreement.

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