The combined entity will have $4.5bn in assets. Credit: Gerd Altmann from Pixabay.

Southern Bank’s parent, Southern Missouri Bancorp has signed a definitive agreement to buy Citizens Bancshares (Citizens) in a stock and cash deal worth approximately $140m.

As per the terms of the agreement, shareholders of Citizens will have the option to choose either $53.5 in cash or 1.1448 shares of Southern Missouri common stock in exchange for each Citizens stock held.

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Citizens, which owns Citizens Bank and Trust Company, operates 14 banking outlets across greater Kansas City, St. Joseph and Northwest Missouri.

At the end of the second half of 2022, its consolidated assets stood at $1bn including net loans of $465m and deposits were $879m.

Upon the deal completion, the combined entity will have nearly $4.5bn in assets, $3.3bn in loans and $3.8bn in deposits.

It will operate a network of 65 outlets in Missouri, Arkansas, Illinois, and Kansas.

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Southern Missouri chairman and CEO Greg Steffens said: “Southern Missouri Bancorp is very pleased to announce this partnership with Citizens. Citizens’ franchise covers excellent communities, including the Kansas City metropolitan area.

“They have developed a strong deposit base and have a long history of serving their customers, which will be a great addition to our continued growth. Additionally, a presence in Kansas City helps transform Southern Missouri into a more significant statewide player in Missouri as we continue to build long-term shareholder value.”

Citizens president and CEO Roger Arwood said: “This merger provides an opportunity for Citizens to join forces with a growing organization, while remaining committed to community banking.

“We look forward to the opportunities and benefits this combination will bring to our customers and communities, in terms of a larger legal lending limit and broader branch coverage across Missouri.”

The merger, which has been approved by the boards of both firms, is slated to close in the first quarter of 2023, subject to customary closing conditions.