SPRINGFIELD, Mo.–(GLOBE NEWSWIRE)–Guaranty Federal Bancshares, Inc. (NASDAQ:GFED), the holding company (the “Company”) for Guaranty Bank, today announced the completion of its previously announced acquisition of Carthage, Missouri-based Hometown Bancshares, Inc. (“Hometown”), the parent of Hometown Bank, National Association. As a result of the transaction, Hometown Bank, National Association is now a wholly owned subsidiary of the Company. The transaction increases the Company’s total assets to approximately $980 million, based on information as of December 31, 2017. The transaction was first announced on December 1, 2017.
As a result of the merger, each share of Hometown common stock issued and outstanding was converted into the right to receive $20.00 in cash. The aggregate transaction value was approximately $4.6 million.
Shaun A. Burke, President and Chief Executive Officer of the Company stated, “We are very pleased to announce the completion of the Hometown Bancshares acquisition and to welcome our new teammates to Guaranty Bank. We look forward to growing relationships with the current Hometown customers and to serving many new customers across our 18-branch footprint in southwest Missouri.”