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Note 13: Subsequent Events | 3 Months Ended
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Sep. 30, 2013
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Note 13: Subsequent Events | Note 13: Subsequent Events On October 4, 2013, the Company acquired 100% of the outstanding stock of Ozarks Legacy Community Financial, Inc. (Ozarks), headquartered in Thayer, Missouri, and its banking subsidiary, Bank of Thayer, was merged into the Company’s existing banking subsidiary, Southern Bank. The Company acquired Ozarks for cash consideration of $6.3 million, and assumed outstanding debt of $4.1 million. At acquisition, Ozarks held consolidated assets of $80.0 million, including loans, net, of $38.7 million, and held total deposits of $68.2 million. The initial accounting for the business combination was incomplete as of the date these financial statements were issued, due to work required to identify the fair value of the target’s assets and liabilities. The Company will determine the amount of goodwill generated when the fair values of the purchased assets and liabilities are determined. The Company expects fair value adjustments to loans, fixed assets, foreclosed real estate held for sale, deposits, long term FHLB advances, and subordinated debt. A core deposit intangible is also expected to be recognized from the acquisition. The Company will recognize all acquisition-related costs as an expense. The Company’s acquisition-related costs were $125,000 through September 30, 2013, and are reflected in legal and professional fees. On November 7, 2013, the Company announced that it has entered into a definitive stock purchase agreement whereby it will acquire Citizens State Bankshares of Bald Knob, Inc. (Citizens), headquartered in Bald Knob, Arkansas, in an all-cash transaction valued at approximately $5.9 million, subject to certain adjustments for transaction expenses and Citizens’ equity at closing. Citizens’ wholly-owned bank subsidiary, Citizens State Bank, will be merged with and into Southern Bank immediately upon closing, which the Company anticipates to occur in the first half of calendar year 2014. At September 30, 2013, Citizens held assets of $69.8 million, loans, net, of $11.5 million, and deposits of $58.7 million.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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