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Note 13: Acquisitions: Business Acquisition Policy -- Peoples Bank (Policies) | 3 Months Ended
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Sep. 30, 2014
Policies |
Business Acquisition Policy -- Peoples Bank | On August 5, 2014, the Company completed its acquisition of Peoples Service Company and its subsidiary, the Peoples Bank of the Ozarks, Nixa, Missouri (herein collectively, “Peoples Bank”). Peoples Bank will be merged into the Company’s existing bank subsidiary, Southern Bank, late in the fourth quarter of calendar 2014. The conversion of data systems for the Peoples Bank operations is expected to take place at that time. The Company acquired Peoples Bank primarily for the purpose of conducting commercial banking activities in markets where it believes the Company’s business model will perform well, and for the long-term value of its core deposit franchise. Through September 30, 2014, the Company incurred $277,000 in third-party acquisition-related costs. Expenses totaling $127,000 are included in noninterest expense in the Company’s consolidated statement of income for the three months ended September 30, 2014, compared to $0 at September 30, 2013. Notes payable of $2.9 million were contractually required to be repaid on the date of acquisition. The goodwill of $3.0 million arising from the acquisition consists largely of synergies and economies of scale expected from combining the operations of the Company and Peoples Bank. Total goodwill was assigned to the acquisition of the bank holding company.

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