SOUTHERN MISSOURI BANCORP, INC. (NASDAQ:SMBC) Files An 8-K Other EventsItem 8.01 Other Events
As previously disclosed, Southern Missouri Bancorp, Inc. (“Southern”), the parent corporation of Southern Bank, entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Tammcorp, Inc. (“Tammcorp”), which is the 91% owner of Capaha Bank (“Capaha”). The Merger Agreement provides that, upon the terms and subject to the conditions set forth therein, Tammcorp will merge with and into Southern (the “Merger”), with Southern as the surviving corporation in the Merger. It is expected that following the Merger, Capaha will be merged with and into Southern Bank (the “Bank Merger”), with Southern Bank as the surviving bank in the Bank Merger.
Southern announced today that it has received all required regulatory approvals; Tammcorp’s shareholders have approved the Merger Agreement; and the exchange transaction between Tammcorp and the minority shareholders of Capaha has been agreed to by all such minority shareholders of Capaha. In addition, in connection with the closing, Southern intends to enter into a $15.0 million loan, secured by the stock of Southern Bank. The proceeds from this loan will be used, in part, to fund the cash portion of the merger consideration. As a result, Southern continues to anticipate completing the Merger late in the second quarter of calendar 2017.
Southern Missouri Bancorp, Inc. is the holding company for Southern Bank (the Bank). The principal business of the Bank consists primarily of attracting retail deposits from the public and using such deposits along with wholesale funding from the Federal Home Loan Bank of Des Moines (FHLB), and brokered deposits. The Bank offers a range of deposit instruments, such as demand deposit accounts, negotiable order of withdrawal (NOW) accounts, money market deposit accounts, saving accounts, certificates of deposit and retirement savings plans. The Bank’s lending activities consist of origination of loans secured by mortgages on one- to four-family and multifamily residential real estate, commercial and agricultural real estate, construction loans on residential and commercial properties, commercial and agricultural business loans and consumer loans. As of June 30, 2016, the Company had total assets of $1.4 billion and total deposits of $1.1 billion.