Rhineland Bancshares Inc. the parent company of Peoples Savings Bank of Rhineland, with about $345 million in total assets, announced in August that it was acquiring Clifford Bancshares, Inc., parent company of CBC Bank with about $42 million in total assets, in an all cash deal.
Rhineland Bancshares closed on the deal November 12, 2020 and terms were not disclosed.
CBC Bank merged into Peoples Savings Bank of Rhineland at the close of business on December 11, 2020 and began operation as branches of Peoples Savings Bank on December 12, 2020.
“This acquisition and merger gave Peoples Savings Bank an opportunity to expand into new areas, we are looking forward to working with the citizens in these communities and expand our presence.” Mark Laune, Rhineland Bancshares and Peoples Savings Bank President and CEO, said.
The purchase will increase Peoples Savings Bank’s branch network to 11 with the addition of St. Peters, Troy, Bowling Green and Clarksville.