Great Southern Bancorp in Springfield, Mo., has agreed to buy 12 branches around St. Louis from Fifth Third Bancorp in Cincinnati.
The $4.1 billion-asset Great Southern said in a press release Wednesday that it will also gain $261 million in deposits and $155 million in loans. The deal is expected to close in the first quarter.
Great Southern said it expects the deal to boost annual earnings per share by 7-9 cents.
"During the last 10 years … we have continuously attracted and developed customer relationships, making St. Louis our second largest market,” Joseph Turner, Great Southern’s president and chief executive, said in the release. “This transaction will significantly strengthen our presence in this vibrant region.”
The $141 billion-asset Fifth Third
Sandler O'Neill and Silver, Freedman, Taff & Tiernan advised Great Southern. Deutsche Bank Securities and Debevoise & Plimpton LLP advised Fifth Third.
