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Southern Missouri, Ozarks Legacy agree to merge

Southern Missouri Bancorp and Ozarks Legacy Community Financial, the parent corporation of Bank of Thayer, announced the signing of a definitive merger agreement whereby Southern Missouri will acquire Ozarks in an all-cash transaction valued at approximately $6.2M. Southern Bank will also assume approximately $3.7M in debt outstanding, plus accrued interest. Additionally, Southern Bank has entered into a definitive merger agreement with the Bank of Thayer whereby Bank of Thayer will be merged into Southern Bank in an all-cash transaction valued at approximately $262,000 for the minority shareholders of Bank of Thayer. "We believe the transaction makes good sense for Southern Missouri shareholders, as the deal should be immediately accretive to earnings per share, after transaction-related expenses, and should be accretive to tangible book value after three years," the company said. Southern Missouri and Ozarks Legacy anticipate completion of the transaction in Q4.