November 5, Reliable Community Bancshares, Inc., the parent company of The Bank of Missouri, and one of the region’s fastest growing community banks, announced its next phase of growth. As of November 1, 2019, Bolivar Bancshares, Inc. has executed a definitive agreement to be acquired by Reliable Community Bancshares, Inc. Bolivar Bancshares, Inc., headquartered in Bolivar, Missouri, is the holding company for Bank of Bolivar. Its six locations in Bolivar, Springfield, Fair Grove and Marshfield are expected to join the 33 locations that comprise The Bank of Missouri. Pending regulatory approval, the transaction is anticipated to close in February of 2020 with the branches of Bolivar, Springfield, Marshfield and Fair Grove becoming The Bank of Missouri in the third quarter of 2020.
Bank of Bolivar is an independent bank with assets just over $300 million. Its principal office is in Bolivar, Missouri. The Bank of Missouri is headquartered in Perryville, Missouri, and is a locally-owned, independent community bank with $1.7 billion in assets. The proposed transaction remains subject to the approval of the shareholders of Bolivar Bancshares and regulatory authorities.
The Bank of Missouri currently operates 33 locations in 25 communities – 11 in central Missouri, seven in southwest Missouri (including Springfield and Branson) and 15 in southeast Missouri. Bank of Bolivar operates two branches in Bolivar, two in Springfield, one in Fair Grove and one in Marshfield. This merger will expand The Bank of Missouri’s current footprint in the southwest region in addition to providing three new communities for the bank to serve.
“We are excited the customers and employees of Bank of Bolivar will be joining The Bank of Missouri family, and we look forward to becoming a part of the communities they serve,” said Adrian Breen, Co-President of Reliable Community Bancshares, Inc. and CEO of The Bank of Missouri. “The combination of these banking organizations creates a more convenient network for our customers, a stronger presence in southwest Missouri, and a broader array of banking products and services.”
Brad Gregory, CEO of Bank of Bolivar and Secretary of Bolivar Bancshares, Inc. states, “I believe this is a great fit and I anticipate a successful union between Bank of Bolivar and The Bank of Missouri. Our customers will still experience great service. Plus, they can take advantage of expanded locations, have more choices in products to make the most of their money, and still be greeted and served by the same friendly faces they know and trust.” R. David Crader, Co-President of Reliable Community Bancshares, Inc. added, “We are excited about the opportunity to work with the employees and look forward to continuing to expand our presence in southwest Missouri. The merger of these two organizations will be good for our communities, customers and employees.”