Rhineland Bancshares, Inc. has entered into a purchase and merger agreement pursuant to which it will acquire Clifford Bancshares, Inc., the holding company for CBC Bank. Under the terms of the agreement, CBC Bank will be merged into Rhineland Bancshares’ affiliate bank, Peoples Savings Bank of Rhineland (PSB), chartered in Rhineland, Missouri and headquartered in Hermann, Missouri, subject to all required state and federal regulatory approvals and satisfaction of customary closing conditions.
Stephen Jones, Chairman, and CEO of Clifford Bancshares and CBC Bank stated, “We are pleased to enter into a purchase/merger agreement with a locally owned independent bank that can maintain our commitment to the communities we serve. We appreciated the financial relationships we have developed and know our customers will continue to experience community banking at its best with more locations, services and financial resources through the merger with the Peoples Savings Bank system.”
Mark Laune, President and CEO of Rhineland Bancshares and Peoples Savings Bank said, “This opportunity allows us to expand our footprint into communities that we feel fit our strategy well. We are very excited to have CBC Bank join our financial institution and look forward to continued success. Our commitment to the financial strength and local decision making creates a perfect fit for Peoples Savings Bank.”
At the closing of this transaction, Peoples Savings Bank of Rhineland will have 11 branches in 6 counties in Missouri. The combined operation will have assets of approximately $370,000,000.00
The transaction is expected to be completed in the fourth quarter of 2020.