Posted 12/9/2013 12:00 am
Word of yet another bank deal, announced out of Missouri a month ago, has been slow to get around.
Citizens State Bankshares of Bald Knob Inc., the parent company of Citizens State Bank, is being sold to Southern Missouri Bancorp Inc. of Poplar Bluff, the publicly traded bank-holding company that entered the state by way of Southern Bank of Commerce in Paragould in 2009 and picked up the ashes of First Southern Bank of Batesville in 2010.
Citizens is wholly owned by its CEO, Larry Kircher, and his wife, Molly.
The Kircher family has been in the ownership picture for most of 70 years.
The price tag for the deal is $5.9 million, “subject to certain adjustments for transaction expenses and Citizen’s equity at closing.” Its total equity capital at Sept. 30 was $5.37 million.
Citizens’ $70 million in assets and its three branches in Bald Knob and Bradford will be folded into SMB’s nearly $1 billion Southern Bank charter when the deal closes in the first half of 2014.
Larry Kircher will remain involved in managing Southern’s new branches for the time being, he told us last week.
Citizens earned $213,000 last year and has posted net income of $361,000 for the first three quarters of 2013.