Hawthorn Bancshares Announces Intent to Sell Branson, MO Branch
October 18 2018 - 2:34PM
Hawthorn Bank, the wholly-owned subsidiary of Hawthorn Bancshares
Inc. (NASDAQ: HWBK), today announced that it has entered into an
agreement to sell its branch located in Branson, Missouri with
total deposits of approximately $15 million to Branson Bank,
Branson, Missouri. The transaction excludes loans assigned to the
branch.
Commenting on the agreement, David T. Turner,
Chairman, CEO and President of Hawthorn Bank said, “We have enjoyed
serving the Branson, MO area for the past 14 years. As we focus our
network on our other markets, it was vitally important to us that
we find a buyer for our southern-most branch who would provide a
comparable level of service and the full range of financial
products our customers have come to expect. We found what we were
looking for in Branson Bank.”
After the sale, Hawthorn Bank will continue to
operate 22 branch locations, primarily in central and west central
Missouri.
The transaction, which is subject to regulatory
approval and certain closing conditions, is expected to close
during the first quarter of 2019.
About Hawthorn Bancshares
Hawthorn Bancshares, Inc., a financial-bank
holding company headquartered in Jefferson City, Missouri, is the
parent company of Hawthorn Bank of Jefferson City with locations in
the Missouri communities of Lee's Summit, Liberty, Springfield,
Branson, Independence, Columbia, Clinton, Windsor, Osceola, Warsaw,
Belton, Drexel, Harrisonville, California and St. Robert.
With the exception of historical information,
certain statements contained or incorporated by reference in this
press release may contain forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended,
such as those pertaining to the receipt of regulatory approval, the
satisfaction of closing conditions and the closing of the proposed
sale transaction. Forward-looking statements involve numerous risks
and uncertainties and you should not rely on them as predictions of
actual events. There is no assurance the events or circumstances
reflected in the forward-looking statements will occur. You can
identify forward-looking statements by use of words such as "will
be," "intend," "continue," "believe," "may," "expect," "hope,"
"anticipate," "goal," "forecast," ""estimates," "offers," "plans,"
"would" or other similar expressions or other comparable terms or
discussions of strategy, plans or intentions contained or
incorporated by reference herein. Forward-looking statements
necessarily are dependent on assumptions, data or methods that may
be incorrect or imprecise. These forward-looking statements
represent our intentions, plans, expectations and beliefs and are
subject to numerous assumptions, risks and uncertainties. Many of
the factors that will determine these items are beyond our ability
to control or predict. For further discussion of these factors see
"Item 1A. Risk Factors" in our most recent Annual Report on Form
10-K and, to the extent applicable, our Quarterly Reports on Form
10-Q. For these statements, we claim the protection of the safe
harbor for forward-looking statements contained in the Private
Securities Litigation Reform Act of 1995. You are cautioned not to
place undue reliance on our forward-looking statements, which speak
only as of the date of this press release or the date of any
document incorporated by reference herein.
Contact: Bruce Phelps
Chief Financial Officer
TEL: 573.761.6100 FAX: 573.761.6272
www.HawthornBancshares.com
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