As part of the acquisition, Southern Missouri’s banking subsidiary will assume approximately $3.7m in debt outstanding, including accrued interest.
Southern Bank will also acquire the Bank of Thayer in an all-cash transaction valued at approximately $262,000 for the minority shareholders of the latter.
Bank of Thayer operates four branches in Oregon and Howell counties in south central Missouri, while it conducts business under the name Howell County Bank in West Plains, Missouri.
Following the completion of the acquisition, the combined company’s total assets will approximate $877m, with total loans of $656m and total deposits of $701m.
The combined company will operate 22 branches in southern Missouri and northeast and north central Arkansas.
The transaction is expected to complete in the fourth quarter of 2013, subject to satisfaction of customary closing conditions, including regulatory approval and shareholder approvals of Ozarks Legacy and Bank of Thayer.
Bank of Thayer president and CEO Roger Lonon said, "This merger will allow us to expand our product and service lines, offer convenient locations to our customers throughout southern Missouri and northern Arkansas and increase our lending limits, providing excellent future benefits for our customers."
He will remain with the combined entity in the role of Community Bank President for the region.
CrossFirst Advisors acted as financial advisor and Stinson Morrison Hecker LLP served as legal advisor to Ozarks Legacy, while Silver, Freedman & Taff, LLP, served as legal advisor to Southern Missouri.
