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Note 13: Business Combinations: Business Acquisition Policy -- Citizens State Bank (Policies) | 3 Months Ended
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Mar. 31, 2014
Policies |
Business Acquisition Policy -- Citizens State Bank | On February 21, 2014, the Company completed its acquisition of Citizens State Bankshares of Bald Knob, Inc., and its subsidiary, the Citizens State Bank, Bald Knob, Arkansas (herein collectively, “Citizens State Bank”). Citizens State Bank was merged into the Company’s existing bank subsidiary, Southern Bank, on that date. The Company completed the conversion of data systems for the Citizens State Bank operations in April, 2014. Through March 31, 2014, the Company incurred $313,000 of third-party acquisition-related costs. The expenses are included in noninterest expense in the Company’s consolidated statement of income for the period ended March 31, 2014. There was no goodwill arising from the acquisition. The following table summarizes the consideration paid for Citizens State Bankshares of Bald Knob, Inc. and its subsidiary, Citizens State Bank and the amounts of assets acquired and liabilities assumed recognized at the acquisition date:
Fair Value of Consideration Transferred |
Cash | $5,708,211
Contingent consideration | -
Total consideration | $5,708,211
Recognized amounts of identifiable assets acquired |
and liabilities assumed |
Cash and Cash equivalents | $4,167,979
Investment Securities | 50,539,865
Loans | 11,984,135
Premises and equipment | 612,540
Identifiable intangible assets | 624,440
Miscellaneous other assets | 4,075,288
Deposits | (64,154,307)
Advances from FHLB | (1,499,904)
Miscellaneous other liabilities | (641,825)
Total identifiable net assets | 5,708,211
Goodwill | $-

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