Hawthorn Bancshares Announces Sale of Branson, MO Branch
15 February 2019 - 8:33AM
Hawthorn Bank, the wholly-owned subsidiary of Hawthorn Bancshares
Inc. (NASDAQ: HWBK), today announced that it has completed the sale
of its branch located in Branson, Missouri to Branson Bank,
Branson, Missouri. Total deposits transferred were
approximately $10.6 million while loans assigned to the branch were
retained. The sale is expected to result in a pre-tax gain of
approximately $2.1 million, subject to certain future adjustments
required in the definitive agreement.
Commenting on the transaction, David T. Turner, Chairman, CEO
and President of Hawthorn Bank said, “We were pleased with how
smoothly this transaction was completed and are confident that
Branson Bank will continue to provide the same level of service our
customers have come to expect.”
Hawthorn Bank continues to operate 22 branch locations,
primarily in central and west central Missouri.
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, Independence,
Columbia, Clinton, 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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