Southern Missouri Bancorp, Inc. (NasdaqGM:SMBC) entered into a definitive merger agreement to acquire Tammcorp, Inc. for $27.2 million on January 11, 2017. Under the terms of the transaction, Tammcorp common stock holders and Class A Preferred Stock holders will receive $23.4 million in Southern Missouri common stock for half of the merger consideration, and cash for the other half. Southern Missouri will also assume $3.8 million in debt. The number of Southern Missouri shares to be issued will be determined based on Southern Missouri’s weighted average closing stock price on the NASDAQ Stock Market during the 20 trading days ending on the fifth trading day prior to the closing date. Tammcorp, Inc. currently holds 91% stake in Capaha Bank, all minority shareholders of Capaha will exchange their interest in Capaha for Tammcorp stock prior to closing of the transaction. The minority shareholders of Capaha will be also entitled to receive the merger consideration payable under the terms of the merger agreement. As of June 9, 2017, Southern intends to enter into a $15.0 million loan, secured by the stock of Southern Bank. The proceeds from this loan will be used, in part, to fund the cash portion of the merger consideration. Tammcorp will pay a termination fee on $1 million if the transaction is cancelled under certain cases. John R. Abercrombie, Chairman, President, and Chief Executive Officer of Tammcorp and Capaha, will join the Board of Directors of Southern Missouri and Southern Bank. Some of the Directors and the executive officers of Tammcorp have entered into resignation, non-solicitation and confidentiality agreements. The employees at Capaha will join Southern Missouri's team after the transaction. The transaction is subject to customary closing conditions, including regulatory approvals, approvals of certain applications by the Board of Governors of the Federal Reserve System, Illinois Department of Financial and Professional Regulation, Director of the Missouri Division of Finance, declaration of effectiveness of the Form S-4, listing of all shares of Southern Missouri Common Stock to be issued as consideration, Tammcorp’s shareholder approvals, third part consents and consummation of an exchange transaction involving the minority shareholders of Capaha. The transaction was subject to and was unanimously approval by Board of Directors of both entities. As of June 9, 2017, Southern announced today that it has received all required regulatory approvals, shareholders approval related to the transaction. The transaction is expected to close in the late second quarter of 2017. The transaction is anticipated to be accretive to earnings per share by approximately 3.0% in fiscal 2018 and 7.9% in fiscal 2019. Martin L. Meyrowitz, Beth A. Freedman and Craig M. Scheer of Silver, Freedman, Taff & Tiernan LLP acted as legal advisor to Southern Missouri in the transaction. John Adams of Sheshunoff Co. Investment Banking acted as financial advisor and Joseph M. Ford and Stephanie E. Kalahurka of Fenimore, Kay, Harrison & Ford, LLP acted as legal advisor to Tammcorp in the transaction.