M&A Deal Summary

Southern Bank Acquires FortuneBank

On September 28, 2021, Southern Bank acquired financial services company FortuneBank

Acquisition Highlights
  • This is Southern Bank’s 5th transaction in the Financial Services sector.
  • This is Southern Bank’s 5th transaction in the United States.
  • This is Southern Bank’s 2nd transaction in Missouri.

M&A Deal Summary
Date 2021-09-28
Target FortuneBank
Sector Financial Services
Buyer(s) Southern Bank
Deal Type Merger
Advisor(s) Piper Sandler & Co. (Financial)
Armstrong Teasdale (Legal)

Target

FortuneBank

Arnold, Missouri, United States
FortuneBank is a provider of banking services that operates two branches in Jefferson and St. Louis Counties, Missouri, both located within St. Louis, Missouri, MSA. On June 30, 2021, Fortune’s consolidated assets were $253.7 million, including loans, net, of $209.3 million, while deposits totaled $214.5 million. FortuneBank was founded in 2005 and is based in Arnold, Missouri.

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Buyer(S) 1

Buyer

Southern Bank

Poplar Bluff, Missouri, United States
Category Company
Founded 1887
Sector Financial Services
Employees665
Revenue 153M USD (2023)
DESCRIPTION

Southern Bank is a provider of financial services. Southern Bank was founded in 1887 and is based in Poplar Bluff, Missouri.

DEAL STATS #
Overall 5 of 6
Sector (Financial Services) 5 of 6
Type (Merger) 3 of 3
State (Missouri) 2 of 3
Country (United States) 5 of 6
Year (2021) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-01-17 Central Federal Bancshares

Rolla, Missouri, United States

Central Federal Bancshares, Inc. is a federal banking corporation provides affordable residential, commercial and consumer lending programs to meet the borrowing needs of customers.

Buy $24M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-09-20 Citizens Bancshares

Kansas City, Missouri, United States

Citizens Bancshares is a provider of financial services to clients and is a parent company of Citizens Bank and Trust Co. Citizens Bancshares is based in Kansas City,Missouri .

Buy $140M
Mergr

Product

Company

Legal