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Business Combinations | 3 Months Ended
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Sep. 30, 2021
Business Combinations |
Business Combinations | Note 12: Business Combinations ​ On September 28, 2021 the Company announced the signing of an agreement and plan of merger whereby Fortune Financial Corporation (”Fortune”), and its wholly owned subsidiary, FortuneBank (“FB”), will be acquired by the Company in a stock and cash transaction valued at approximately $29.9 million. At June 30, 2021, Fortune held consolidated assets of $253.7 million, loans, net of allowance, of $209.3 million, and deposits of $214.5 million. The transaction is expected to close late in the first quarter of calendar 2022, subject to satisfaction of customary closing conditions, including regulatory and Fortune shareholder approvals. The acquired financial institution is expected to be merged with and into Southern Bank shortly after or simultaneously with the acquisition of Fortune. For the three-month period ended September 30, 2021, the Company incurred $25,000 of third-party acquisition-related costs, included in noninterest expense in the Company’s consolidated statements of income. ​ On October 20, 2021, the Company announced that it has entered into a definitive agreement to acquire the Cairo, Illinois, branch of First National Bank, Oldham, South Dakota. The deal, which will eventually result in Southern Bank relocating its facility from its current location to the First National Bank location in Cairo, is expected to be completed by the end of the 2021 calendar year, subject to approval by regulatory bodies at the federal and state level. The Company views the acquisition and anticipated updates to the new facility as an expression of its continuing commitment to the Cairo community.

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