a 51% gianer form initial buy recommendation! The stock was on the buy list all the way up untillast Friday.
Southern Missouri Bancorp, Inc. (NASDAQ: SMBC, “Southern Missouri”), the parent corporation of Southern Bank, and Central Federal Bancshares, Inc. (“Central”), the parent corporation of Central Federal Savings & Loan Association, today announced the signing of a definitive merger agreement whereby Southern Missouri will acquire Central in an all-cash transaction. As part of the transaction, Central Federal will be merged with and into Southern Bank.
Central operates one location in Rolla, Missouri. At September 30, 2019, Central’s consolidated assets were $69 million, including loans, net of allowance, of $53 million, while deposits totaled $46 million.
Southern Missouri operates 47 locations in Missouri, Arkansas, and Illinois, and reported consolidated assets at September 30, 2019, of approximately $2.3 billion, including loans, net, of $1.9 billion, and total deposits of $1.9 billion.
Under the terms of the merger agreement, unanimously approved by the boards of directors of Central and Southern Missouri, Central shareholders will receive $15.90 in cash for each share of Central common stock, subject to adjustment for Central’s capital at closing. The deal is valued at approximately $24.0 million, inclusive of the retirement of debt outstanding under Central’s Employee Stock Ownership Plan.
“Southern Missouri itself was originally a savings and loan association, and we retain an understanding of the needs and expectations of the customers of these organizations, as well as the commitment to service by their team members,” stated Greg Steffens, President and CEO of Southern Missouri. “We’re very excited to have the opportunity to serve Rolla, Missouri, and we look forward to welcoming the customers and staff of Central Federal Savings & Loan to our Southern Bank family.”
William Stoltz, President and Chief ...