Midwest BankCentre plans to acquire Southern Commercial Bank for about $74.5 million in cash and stock. The deal brings together two of the oldest banks in the St. Louis area and creates the third-largest locally based bank in the region.
Midwest BankCentre, which traces its origins back to 1906, will more than double its geographic footprint with the purchase of 123-year-old Southern Commercial Bank. The combined company, which will operate under the Midwest BankCentre name, will have $1.6 billion in total assets.
The final price of the sale, which is expected to close in the second quarter of 2015, will be based on Southern’s level of tangible capital at closing.