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Stark Bancshares to buy Bolivar, Mo.-based Farmers Financial

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Stark Bancshares to buy Bolivar, Mo.-based Farmers Financial

Stark Bancshares Inc. agreed to acquire Bolivar, Mo.-based Farmers Financial Corp., the Bolivar Herald-Free Press reported.

The stock deal, which is subject to regulatory approval, is expected to close in the second quarter.

The terms of the transaction were not disclosed in the news article. For reference, SNL valuations for bank and thrift targets in the Midwest region between Feb. 28, 2017, and Feb. 28, 2018, averaged 158.66% of book, 164.32% of tangible book and had a median of 19.54x last-12-months earnings, on an aggregate basis.

Under the deal, Farmers Financial unit Farmers State Bank S/B will remain an "independent community bank," the report noted, citing a press release. Thane Kifer will remain as president and a board member.

Stark Bancshares, whose chairman is Brandon Fabris, filed its Missouri articles of incorporation in December 2017. It listed registered agent CT Corp. System's Clayton address as its office.

Farmers State Bank had $62.9 million in assets as of the end of 2017, SNL data shows.

Farmers Financial operates two branches in Polk County, Mo., ranked fifth with a 6.95% share of approximately $484 million in total market deposits. The company also operates two branches in Hickory County, Mo., ranked third with a 16.72% share of approximately $95.5 million in total market deposits, and operates another branch in Vernon County, Mo., ranked seventh with a 1.85% share of approximately $333.2 million in total market deposits.

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