Central Federal Bancshares, Inc. Announces Shareholder Approval of Merger with Southern Missouri Bancorp, Inc

ROLLA, MISSOURI, May 06, 2020 (GLOBE NEWSWIRE) -- Central Federal Bancshares, Inc. (CFDB) announced that at its shareholder meeting on May 5, 2020, shareholders approved the Agreement and Plan of Merger dated January 17, 2020 with Southern Missouri Bancorp, Inc. (NASDAQ: SMBC). Completion of the merger, subject to customary closing conditions, is currently targeted for late May 2020. Regulatory approval to proceed with the merger has been received.

About Central Federal

Central Federal Savings and Loan Association of Rolla is a federally chartered savings association serving the financial needs of its customers in Phelps, Dent, Texas, Crawford, Pulaski and Maries counties in Missouri. It conducts business from its office in Rolla, Missouri.

Information contained in this press release may be considered forward-looking in nature as defined by the Private Securities Litigation Reform Act of 1995 and is subject to various risks, uncertainties, and assumptions. Such forward-looking statements in this release are inherently subject to many uncertainties arising in the operations and business environment of Central Federal Bancshares, Inc. Should one or more of these risks or uncertainties materialize, or should the underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or expected. Among the key factors that may have a direct bearing on the matters described above or the Company’s operating results, performance or financial condition are general economic conditions, either nationally or in the Company’s primary market area, that are worse than expected; changes in the interest rate environment that reduce the Company’s interest margins or reduce the fair value of financial investments; credit risks of lending activities, including changes in the level and trend of loan delinquencies and write-offs and in the Company’s allowance for loan losses and provision for loan losses; the Company’s ability to implement the Company’s strategic plans.

Contact:

William A. Stoltz, President and CEO

Central Federal Bancshares, Inc.

Telephone: (573) 364-1024