POPLAR BLUFF, MO (KAIT) – On Thursday, Southern Bank announced the Citizens State Bank will merge with and into Southern Bank.
According to Southern Bank CFO Matt Funke, after the merger, the combined total assets will be about $966 million including, total loans of $721 million and total deposits of $771 million.
If everything goes as planned, Southern Bank and Citizens Bank hope the merge will be complete mid-2014. The combined bank will operate 25 branches in Region 8 and parts of north central Arkansas.
Southern Bank CEO and President, Greg Steffens said the merger is a great opportunity for Southern Bank to expand their presence in White County. "We are very impressed with the financial institution that Citizens State Bank has built in the communities of Bradford and Bald Knob, and the deep relationships they have developed with their depositors," said Steffens. "We look forward to continuing that tradition and to serving these communities."
Southern Bank is a wholly-owned subsidiary of Southern Missouri Bancorp, Inc. The bank trades under the ticker "SMBC" on the NASDAQ Global Market. Citizens State Bank is wholly-owned subsidiary of Citizens State Bankshares of Bald Knob, Inc. To find out more about Southern Bank click here.