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First Independent Bancshares director looking to purchase 53.62% stake

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First Independent Bancshares director looking to purchase 53.62% stake

FirstIndependent Bancshares Inc. director Teresa Sue Spangler Allemangis looking to purchase 1,080 common outstanding shares of the company,according to an interagency notice of change in control recently obtained byS&P Global Market Intelligence.

The number of shares to be bought translates into a 53.62%stake in the Aurora, Mo.-based company, and will be purchased from ViceChairman Arlene Spangler, who is also Allemang's mother. The shares will be boughtfor $4,859 per share or a total purchase price of about $5.2 million.

The filing also indicates that Allemang also established theTeresa Sue Spangler Allemang FIB Revocable Trust, which will be utilized to ownthe acquired shares and also own the 43 shares or 3.91% of the outstandingshares of First Independent Bank.The bank's shares will also be bought from Spangler for $9,852 per share or atotal of $423,636.

The total purchase price for the shares of the company andthe bank will be $5.7 million.

Spangler will resign her positions at the company and thebank upon consummation of the proposed transactions, while Allemang will keepher seats on the boards of both institutions. No other changes are contemplatedin the board of directors or senior executive officers of either FirstIndependent Bancshares or First Independent Bank in conjunction with theproposed transactions.