Bethany, Mo.-based Bethany Bankshares Inc. unit BTC Bank completed its acquisition of Salisbury, Mo.-based Merchants and Farmers Bank of Salisbury, the Kansas City Business Journal reported Oct. 21.

The acquisition brings BTC Bank's total assets to more than $1 billion and its total branch count to 22, the journal reported, citing a news release.

As of June 30, BTC Bank had assets of about $920.9 million, while Merchants and Farmers Bank of Salisbury had $111.2 million in assets as of Sept. 30, according to S&P Global Market Intelligence data.

Bethany Bancshares will enter Boone County, Mo., with one branch to be ranked No. 18 with a 0.24% share of approximately $5.82 billion in total market deposits; will enter Chariton County, Mo., with one branch to be ranked second with a 24.52% share of approximately $303.2 million in total market deposits; will enter Howard County, Mo., with one branch to be ranked fifth with a 2.57% share of approximately $347.26 million in total market deposits; and will enter Ray County, Mo., with one branch to be ranked eighth with a 2.79% share of approximately $377.64 million in total market deposits.

Market Intelligence valuations for bank and thrift targets in the Midwest region between Aug. 1, 2021, and Aug. 1, 2022, averaged 149.51% of book and 153.62% of tangible book and had a median of 14.29x last-12-months earnings, on an aggregate basis.

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