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Grok Bancshares applies to acquire Clifford Bancshares

Grok Bancshares Inc. applied with the Federal Reserve Bank of St. Louis to become a bank holding company by acquiring all the voting shares of Troy, Mo.-based Clifford Bancshares Inc.

SNL valuations for bank and thrift targets in the Midwest region between Dec. 6, 2016, and Dec. 6, 2017, averaged 159.78% of book, 165.45% of tangible book and had a median of 20.60x last-12-months earnings, on an aggregate basis.

Clifford Bancshares is the parent of Bowling Green, Mo.-based CBC Bank, which has assets of $34.5 million as of Sept. 30.

SNL data shows that in Missouri, Clifford Bancshares operates one branch in Lincoln County, ranked ninth with a 1.19% share of roughly $800.2 million in total market deposits. It also operates two branches in Pike County, ranked sixth with a 4.29% share of about $368.7 million in total market deposits and operates one branch in Saint Charles County, ranked No. 32 with a 0.11% share of about $6.42 billion in total market deposits.

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