Southern Bank Celebrates 130 Years
(March 17, 2017 – Poplar Bluff, MO) Founded in 1887, Southern Bank will be celebrating it’s 130-year anniversary on Wednesday, March 22nd with celebrations at its 36 branches located across southern Missouri and northern Arkansas.
“130 years is a long time, especially in the financial industry. We are proud of our history and truly appreciate all of our customers and Southern Bank team members who have helped us reach this momentous milestone,” said Greg Steffens, President and CEO of Southern Bank.
Stop by any Southern Bank location on Wednesday, March 22nd to be a part of the celebration. Branches will be hosting various types of festivities to include food and prizes.
Southern Bank was originally chartered in 1887 as a mutual institution that was owned by its depositors. The original founders deposited $100,000 in the Poplar Bluff Loan and Building in order to provide financing to help people buy homes. The name was chosen to symbolize the original purpose.
Assets of the mutual institution grew slowly from $100,000 to $950,000 in 1951. Afterward, the institution started an impressive period of growth in which assets would increase to $23 million in 1969. The next phase of growth was partially due to expansion into neighboring communities.
On April 11, 1969, the institution opened its first branch in Dexter, Missouri, followed soon by other branches. At the end of 1979, assets had grown to $107 million. In 1982, an office in Van Buren, Missouri was acquired and it was during this period, the institution changed its name to Southern Missouri Savings and Loan.
In 1994, the institution completed a conversion from mutual ownership to a publicly traded stock company. By the year 2000, the bank's assets were $221 million and it adopted the name of Southern Missouri Bank.
Since 2000, Southern Bank has had an impressive amount of growth through the addition of new branches and the acquisitions of banking institutions located in Southwest Missouri and Northern Arkansas.
Southern Bank is currently a $1.5 billion financial institution, with 36 locations in Southern Missouri and Northern Arkansas.
Most recently, Southern Missouri Bancorp, Inc. (NASDAQ: SMBC), the parent corporation of Southern Bank, and Tammcorp, Inc., the parent corporation of Capaha Bank, announced the signing of a definitive merger agreement whereby Southern Missouri will acquire Tammcorp, Inc. in a stock and cash transaction.
As part of the transaction, Capaha Bank will be merged with and into Southern Bank. Capaha Bank operates six branches, three of which are located in Cape Girardeau County in southeast Missouri, along with three branches in Alexander and Union counties in southern Illinois. On a pro forma basis, following the acquisition, the combined company’s total assets will approximate $1.7 billion, with total loans, net, of $1.4 billion, and total deposits of $1.3 billion. The combined company will operate 42 locations in Missouri, Arkansas and Illinois.
About Southern Bank
Southern Bank has served the financial needs of America's Heartland for over 130 years, making it one of the oldest financial institutions headquartered in the region. Southern Bank offers dynamic and competitive products to individuals and businesses with a full range of financial products and services. An intense focus is placed on core values of being strongly rooted within the communities it serves, but Southern Bank also offers the innovative technology and ease of accessibility consumers seek from larger banks. Southern Bank is now a $2.1 billion financial institution, with 47 locations in Southern Missouri, Northern Arkansas and Southern Illinois. For more information, visit www.bankwithsouthern.com.