Locally-owned Bank of Bolivar, in operation for over 20 years, will now be Bank of Missouri thanks to a purchase agreement announced Tuesday, Nov. 5.
According to a Bank of Missouri news release, Reliable Community Bancshares Inc., the parent company of the Bank of Missouri announced its next phase of growth.
“As of Nov. 1, 2019, Bolivar Bancshares Inc. has executed a definitive agreement to be acquired by Reliable Community Bancshares Inc.,” the release said.
Bolivar Bancshares Inc., headquartered in Bolivar, is the holding company for Bank of Bolivar.
The bank’s six locations — two branches in Bolivar, two in Springfield, one in Fair Grove and one in Marshfield — are expected to join the Bank of Missouri’s locations throughout the state, the release said.
“The Bank of Missouri currently operates 33 locations in 25 communities — 11 in central Missouri, seven in southwest Missouri, including Springfield and Branson, and 15 in southeast Missouri,” the release said.
This merger will expand Bank of Missouri’s current footprint in the southwest Missouri region, providing services to three new communities.
“We are excited the customers and employees of Bank of Bolivar will be joining the Bank of Missouri family, and we look forward to becoming a part of the communities they serve,” Adrian Breen, co-president of Reliable Community Bancshares Inc. and CEO of the Bank of Missouri, said in the release. “The combination of these banking organizations creates a more convenient network for our customers, a stronger presence in southwest Missouri, and a broader array of banking products and services.”
Pending regulatory approval, the transaction is anticipated to close in February 2020 with the branches in Bolivar, Springfield, Marshfield and Fair Grove becoming the Bank of Missouri in the third quarter of 2020, the release said.
“Bank of Bolivar is an independent bank with assets just over $300 million,” the release said.
Its principal office is in Bolivar.
The Bank of Missouri is headquartered in Perryville and is a locally owned, independent community bank with $1.7 billion in assets, the release said.
The release said the proposed transaction remains subject to the approval of the shareholders of Bolivar Bancshares and regulatory authorities.
“I believe this is a great fit, and I anticipate a successful union between Bank of Bolivar and the Bank of Missouri,” Brad Gregory, CEO of Bank of Bolivar and secretary of Bolivar Bancshares Inc., said in the release. “Our customers will still experience great service. Plus, they can take advantage of expanded locations, have more choices in products to make the most of their money, and still be greeted and served by the same friendly faces they know and trust.”
In the release, R. David Crader, co-president of Reliable Community Bancshares Inc. said the bank is “excited about the opportunity to work with the employees and looks forward to continuing to expand our presence in southwest Missouri.”
“The merger of these two organizations will be good for our communities, customers and employees,” Crader said.
According to the Bank of Bolivar website, the bank began operations in a temporary trailer on April 16, 1997.
Later that year, a permanent building opened in downtown Bolivar.
In 2005, Bank of Bolivar opened a second branch in Bolivar on West Broadway Street.
The website said local business people founded Bank of Bolivar with “a vision of a home-owned bank that would offer the personalized service and attention not found in the out-of-town banks with just a presence here.”
The bank was named Bolivar Area Chamber of Commerce’s large business of the year for both 2004 and 2011.
The Bank of Missouri was established in 1891, the release said, and has “been building strong communities and providing financial services and opportunity for its customers and employees for more than 125 years.”
“The Bank of Missouri is committed to providing its customers with the financial tools and solutions necessary to build a secure financial future,” the release said.
For more information, visit bankofmissouri.com or connect with the Bank of Missouri on social media.