Southern Bancorp in Little Rock, Ark., has agreed to buy Ozarks Heritage Financial in Springfield, Mo., in a deal that would combine community development financial institutions.
The $2.8 billion-asset Southern Bancorp said in a press release that it plans to acquire the parent of the $1.9 billion-asset Legacy Bank and Trust in the fourth quarter. The price wasn’t disclosed.
“For nearly four decades, our purpose and principles have centered around ensuring everyone in our communities has access to the capital, tools, and services needed to build wealth and achieve financial opportunity,” Darrin Williams, Southern Bancorp’s CEO, said in the release. “With the addition of the phenomenal team at Legacy, we look forward to expanding our collective resources – and impact – to even more people and places who can benefit from them.”
Legacy has nine branches in Missouri, Oklahoma, and Texas.
JPMorgan Chase and Nelson Mullins advised Southern Bancorp. Stephens and Stinson advised Ozarks Heritage.