Bank merger

Chair and CEO of CBC Bank Stephen Jones shakes hands with president and CEO of Peoples Savings Bank Mark Laune.

HERMANN Mo.—Rhineland Bancshares Inc. has entered into a purchase and merger agreement to acquire Clifford Bancshares Inc., the holding company for CBC Bank. Under the terms of the agreement, CBC Bank will be merged into Rhineland Bancshares’ affiliate bank, Peoples Savings Bank of Rhineland, chartered in Rhineland, Mo., and headquartered in Hermann, Mo.

The merger is subject to all required state and federal regulatory approvals and satisfaction of customary closing conditions.

Stephen Jones, chair, and chief executive officer of Clifford Bancshares and CBC Bank stated, “We are pleased to enter into a purchase/merger agreement with a locally owned independent bank that can maintain our commitment to the communities we serve. We appreciated the financial relationships we have developed and know our customers will continue to experience community banking at its best with more locations, services and financial resources through the merger with the Peoples Savings Bank system.”

Mark Laune, president and chief executive officer of Rhineland Bancshares and Peoples Savings Bank said, “This opportunity allows us to expand our footprint into communities that we feel fit our strategy well. We are very excited to have CBC Bank join our financial institution and look forward to continued success. Our commitment to the financial strength and local decision making creates a perfect fit for Peoples Savings Bank.”

At the closing of this transaction, Peoples Savings Bank of Rhineland will have 11 branches in six counties in Missouri. The combined operation will have assets of approximately $370,000,000.00

The transaction is expected to be completed in the fourth quarter of 2020.

CBC Bank, a subsidiary of Clifford Bancshares Inc. formally known as Clifford Banking Co. was established in 1871 in Clarksville, Mo., and is the oldest bank in Pike County celebrating 149 years of service. The Jones family has been involved with the bank for the past 61 years since 1959. Over the years, CBC Bank has expanded its operations with full-service locations in St. Peters, Troy, Bowling Green, and its original location in Clarksville. CBC Bank, an FDIC Member Bank, offers deposit and loan services for businesses, families, and individuals.

Peoples Savings Bank of Rhineland is an FDIC Member Bank and a subsidiary of Rhineland Bancshares with assets of $330 million dollars and currently operates seven branches in Rhineland, Hermann, New Florence, New Haven, Montgomery City, New Melle and O’Fallon (Winghaven). PSB serves consumers and businesses in East Central Missouri. Peoples Savings Bank was established in 1935 in Rhineland, Missouri. For more information visit www.ourpsb.com.

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