Southern Missouri Bancorp to acquire Fortune Financial
The merger, which is expected to close in the first quarter of 2022, will result in a combined company with total assets of $3 billion, total deposits of $2.5 billion, and 51 locations in Missouri, Arkansas and Illinois. Fortune has two branches in Arnold and St. Louis County.
Southern Missouri Bancorp is the parent company of Southern Bank, and Fortune Financial is the parent company of FortuneBank.
"Fortune has developed a number of business lines that complement our organization well, and provides a point of entry to a large and growing banking market where we believe our community banking model will perform well,” Greg Steffens, president and chief executive officer of Southern Missouri, said.
As part of the merger, Southern Missouri will also assume approximately $7.5 million in subordinated debt. ■