Southern Bank is expected to acquire Gideon Bancshares Company, the parent company of First Commercial Bank, at the end of 2018.
First Commercial Bank has 10 branches in Southeast Missouri, including four in Stoddard County.
There are no immediate plans to close any branches, said Tiffany Jenkins, senior marketing officer for Southern Bank.
Southern is excited to bring an expanded presence to Dexter, one of the markets Southern has served the longest, said Greg Steffens, president and CEO of Southern Bank. Several of First Commercial's locations complement Southern's existing network of community bank facilities in Dexter, Sikeston and Cape Girardeau, he said in a press release.
"... We look forward to welcoming their customers and staff to our Southern Bank family," he said.
Southern has a long history in Southeast Missouri and is pleased to add a number of communities to those it serves, Steffens said.
Southern Missouri Bancorp announced June 12 it would acquire Gideon in a stock and cash transaction that would merge the two banks.
Southern Missouri and Gideon anticipate completion of the transaction in the fourth quarter of calendar year 2018, subject to satisfaction of customary closing conditions, according to the press release. This includes regulatory and shareholder approvals, and consummation of an exchange transaction involving the minority shareholders of First Commercial.
First Commercial also has four locations in Scott County and two in New Madrid County.
First Commercial's assets totaled $223 million as of March 31, including loans, net of allowance, of $145 million, while deposits totaled $177 million, according to the press release.
Southern Bank reported total assets at March 31, of approximately $1.8 billion, including loans, net, of $1.5 billion, and total deposits of $1.6 billion.
On a pro forma basis, following the acquisition, the combined company's total assets will approximate $2.1 billion, with total loans, net, of $1.7 billion, and total deposits of $1.8 billion.