Two regional financial institutions plan to merge
A merger agreement involving two regional financial institutions has been announced.
The Southeast Missourian and Daily American Republican newspapers reported the merger.
An article in the Sunday, Jan. 15, issue of the Southeast Missourian reported that “Southern Missouri Bancorp Inc., parent corporation of Southern Bank, and Tammcorp Inc., parent corporation of Capaha Bank, announced the signing of a merger agreement where Southern Missouri will acquire Tammcorp in a stock and cash transaction.
“As part of the transaction, Capaha will be merged with and into Southern Bank.
“Capaha Bank operates six branches, three of which are in Cape Girardeau County, along with three branches in Alexander and Union counties in Southern Illinois.
“After the acquisition, the combined company’s total assets will be about $1.7 billion.
“The combined company will operate 42 locations in Missouri, Arkansas and Illinois.
“Southern Missouri and Tammcorp anticipate completion of the transaction late in the second quarter of 2017.”
Capaha Bank’s Union County location is in Anna.