Press release
Southern Missouri Bancorp and Fortune Financial Corporation Announce Deadline for Election of Form of Merger Consideration
Poplar Bluff, Missouri, Feb. 11, 2022 (GLOBE NEWSWIRE) -- Southern Missouri Bancorp, Inc. (NASDAQ: SMBC, "Southern Missouri"), the parent corporation of
About this update from Southern Missouri Bancorp, Inc.
[{"type":"text","content":"Poplar Bluff, Missouri, Feb. 11, 2022 (GLOBE NEWSWIRE) -- Southern Missouri Bancorp, Inc. (NASDAQ: SMBC, \"Southern Missouri\"), the parent corporation of Southern Bank, and Fortune Financial Corporation (\"Fortune\"), the parent company of FortuneBank, today jointly announced that, in connection with Southern Missouri’s pending acquisition of Fortune, the election deadline for record holders of shares of Fortune’s common stock to elect the form of merger consideration they wish to receive in connection with the transaction is February 22, 2022 at 5:00 p.m. CST. An election will be valid only if a properly completed and signed election form and letter of transmittal, together with all required documents and materials set forth in the election form and letter of transmittal and the instructions thereto, is received by Pacific Stock Transfer, the exchange agent for the transaction (“PST”), by the election deadline. Shareholders with questions should contact PST toll-free at (800) 785-7782. As previously announced, Fortune shareholders are projected to receive either a fixed exchange ratio of 0.2853 shares of Southern Missouri common stock or a cash payment of $12.55 for each Fortune share, at the election of the shareholders, subject to adjustment based on Fortune’s capital and the total outstanding shares of Fortune at closing, and further subject to proration such that the overall mix of consideration results in a 60:40 ratio of stock to cash. Shareholders who fail to make an election will receive whichever form of consideration is undersubscribed. The transaction has been approved by Fortune’s shareholders and is also subject to customary closing conditions. Forward-Looking Information: Except for the historical information contained herein, the matters discussed in this press release may be deemed to be forward-looking statements that are subject to known and unknown risks, uncertainties, and other factors that could cause the actual results to differ materially from the forward-looking statements, including: the requisite regulatory and shareholder approvals for this acquisition might not be obtained, or other conditions to completion of the transaction might not be satisfied or waived; expected cost savings, synergies and other benefits from Southern Missouri's merger and acquisition activities, including this acquisition and So...