Ozarks Heritage Financial Group Inc's acquisition of Financial Enterprises Inc. is a 60% stock, 40% cash deal valued at approximately $7.4 million, according to a filing recently obtained by S&P Global Market Intelligence.
Ozarks' funding of the transaction includes the sale of up to 16,000 common shares for $750,000 in proceeds.
Following the close of the Missouri bank deal, Ozarks will manage Financial Enterprises' First National Bank of Clinton as a separate subsidiary until it merges into Legacy Bank & Trust Co. Data processing conversion is slated for Feb. 16, 2018.
In addition, Financial Enterprises and First National directors Aaron Buerge and Justin Buerge will join Ozarks' board. Aaron Buerge will also be named executive vice president and join Legacy's board. Justin Buerge will be engaged by Ozarks as a consultant.