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More details of Southern Missouri Bancorp/Tammcorp deal emerge

Southern Missouri Bancorp Inc. intends to obtain a line of credit in the amount of at least $15.0 million in connection with its proposed acquisition of Tammcorp Inc., according to a regulatory filing recently obtained by S&P Global Market Intelligence.

The money will be used in part to pay off about $3.8 million in debt related to a secured loan entered into by Tammcorp with First Southern Bank and to pay the cash portion of the merger consideration.

The filing also noted that at the effective time of the merger, Tammcorp President and CEO John Abercrombie will be appointed to Southern Missouri's board with a term to expire at the 2019 annual meeting.

The parties hope to close the deal effective May 15.