Southern Missouri Bancorp to Acquire First Community Bank
Ticker: SMBC · Form: 8-K · Filed: Mar 4, 2024 · CIK: 916907
Sentiment: neutral
Topics: acquisition, expansion
Related Tickers: SMBC
TL;DR
SMBC buying First Community Bank of the Ozarks to expand into Arkansas. Deal expected Q3 2024.
AI Summary
Southern Missouri Bancorp, Inc. announced on March 4, 2024, that it has entered into a definitive agreement to acquire First Community Bank of the Ozarks. The transaction is expected to close in the third quarter of 2024, subject to customary closing conditions. This acquisition will expand Southern Missouri Bancorp's presence in Arkansas.
Why It Matters
This acquisition will allow Southern Missouri Bancorp to expand its market reach into Arkansas, potentially leading to increased revenue and customer base.
Risk Assessment
Risk Level: medium — Acquisitions carry inherent risks, including integration challenges, regulatory approvals, and potential failure to achieve expected synergies.
Key Players & Entities
- Southern Missouri Bancorp, Inc. (company) — Acquiring company
- First Community Bank of the Ozarks (company) — Acquired company
- March 4, 2024 (date) — Announcement date
- third quarter of 2024 (date) — Expected closing period
FAQ
What is the primary purpose of this 8-K filing?
This 8-K filing announces that Southern Missouri Bancorp, Inc. has entered into a definitive agreement to acquire First Community Bank of the Ozarks.
When is the acquisition expected to be completed?
The acquisition is expected to close in the third quarter of 2024.
What is the strategic benefit of this acquisition for Southern Missouri Bancorp?
The acquisition will expand Southern Missouri Bancorp's presence in Arkansas.
Are there any conditions to closing the acquisition?
Yes, the transaction is subject to customary closing conditions.
What is the name of the acquired bank?
The acquired bank is First Community Bank of the Ozarks.
Filing Stats: 489 words · 2 min read · ~2 pages · Grade level 11.5 · Accepted 2024-03-04 17:18:25
Key Financial Figures
- $0.01 — ch registered Common Stock, par value $0.01 per share SMBC The NASDAQ Stock Mar
Filing Documents
- smbc-20240304x8k.htm (8-K) — 35KB
- 0001558370-24-002357.txt ( ) — 145KB
- smbc-20240304.xsd (EX-101.SCH) — 3KB
- smbc-20240304_lab.xml (EX-101.LAB) — 12KB
- smbc-20240304_pre.xml (EX-101.PRE) — 10KB
- smbc-20240304x8k_htm.xml (XML) — 5KB
01. Other Events
Item 8.01. Other Events On March 4, 2024, Southern Missouri Bancorp, Inc. (the "Company"), the parent corporation of Southern Bank, announced its intention to restart activity under its previously announced stock repurchase plan, after having had no activity since June 2022. The Company had previously announced, on May 20, 2021, its intention to repurchase up to an additional 445,000 shares of its common stock. Through March 4, 2024, the Company has repurchased 138,628 shares under that plan, and 306,375 remain available for purchase. The shares will be purchased at prevailing market prices in the open market or in privately negotiated transactions, subject to availability and general market conditions. Repurchased shares will be held as treasury shares to be used for general corporate purposes. As of March 1, 2024, the Company had approximately 11,370,532 shares outstanding.
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. SOUTHERN MISSOURI BANCORP, INC. Date: March 4, 2024 By: /s/ Matthew T. Funke Matthew T. Funke President and Chief Administrative Officer