Miami, Okla.-based SSB Holdings Inc. agreed to acquire 100% of the issued and outstanding capital stock of Commerce, Okla.-based First Picher Bancshares Inc., according to a regulatory filing recently obtained by S&P Global Market Intelligence.
First Picher unit First State Bank will merge into SSB subsidiary Security Bank and Trust Co.
SNL valuations for bank and thrift targets in the Southwest region between Oct. 18, 2016, and Oct. 18, 2017, averaged 163.53% of book, 178.80% of tangible book and had a median of 18.86x last-12-months earnings, on an aggregate basis.
The financial terms of the deal were not disclosed in the filing. The deal is subject to regulatory and shareholder approvals.
SSB Holdings will expand in Ottawa County, Okla., by one branch to be ranked third with a 19.64% share of approximately $407.4 million in total market deposits.
As of Sept. 30, Security Bank had total assets of about $82.8 million, total net loans of about $53.9 million, total deposits of roughly $71.9 million and shareholders' equity of approximately $9.1 million, while First State Bank had total assets of approximately $7.8 million, total net loans of about $3.9 million, total deposits of roughly $7.1 million and shareholders' equity of about $542,000, according to the filing.