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CENTRAL MORTGAGE BANCSHARES AND BLUE SPRINGS BANK ANNOUNCE CENTRAL MORTGAGE TENDER OFFER FOR ALL BLUE SPRINGS STOCK AND MERGER AGREEMENT

 KANSAS CITY, Mo./BLUE SPRINGS, Mo., April 28 /PRNewswire/ -- Central Mortgage Bancshares Inc. (NASDAQ: CMBI), its wholly owned subsidiary, Citizens-Jackson County Bank and Blue Springs Bank announced today that they have entered into an Agreement of Merger. The agreement provides that Central Mortgage will make a tender offer for all of the 840,347 outstanding shares of Blue Springs Common Stock for a cash price of $23 per share net to the seller. If Central Mortgage does not close a planned equity financing for a portion of the expected $19.3 million purchase price, it will purchase under the Tender Offer at least 462,191 Blue Springs Shares (55 percent).
 Subsequent to the Tender Offer, Blue Springs is to be merged into Citizens-Jackson. In the merger, each Blue Springs Share not purchased in the Tender Offer will be converted into shares of Central Mortgage Common Stock having a conversion value (as defined) of $23.
 The Tender Offer is conditioned upon, among other things, approval by the Federal Reserve Board and at least 67 percent of all outstanding Blue Springs shares being validly tendered and not withdrawn. The merger is also subject to certain conditions, including a closing of the Tender Offer, approval by holders of 2/3 of the outstanding shares of Blue Springs, and approval by the Federal Reserve Board, FDIC and Missouri Commissioner of Finance.
 Central Mortgage stated that the Tender Offer is scheduled to expire on May 21, 1993, unless extended. Because of the required regulatory approvals, it is anticipated that the purchase of the Blue Springs shares will not occur until sometime after the expiration of the Tender Offer. Central Mortgage also said that offering material should be mailed to Blue Springs stockholders on April 30, 1993. Blue Springs Stockholders are urged to review these materials carefully prior to making a decision on whether or not to tender.
 Blue Springs Bank is a Missouri bank located in Blue Springs, with total assets of $180 million and total equity of $12 million. Central Mortgage Bancshares' lead bank, Citizens-Jackson County Bank has its principal offices in Blue Springs and has total assets of $300 million. Management of both banks feel that the size of the combined bank will enable it to better serve the businesses, consumers and homeowners of Eastern Jackson County.
 Interested shareholders may contact Edward A. Mangone, president and chief operation officer of Central Mortgage Bancshares at 816-228-5200 or at the Citizens-Jackson County Bank, 1500 North 7 Highway, Blue Springs, MO. Stockholders may also contact their personal stockbroker.
 Citizens-Jackson has offices in Kansas City, Independence, Lee's Summit, Blue Springs and Warrensburg, Mo. Central Mortgage also owns Barton County State Bank in Lamar, Mo., Citizens State Bank of Nevada in Nevada, Mo., Farmers Bank of Stover in Stover, Mo. and a mortgage banking business headquartered in Springfield, Mo. with offices in Blue Springs and Joplin, Mo.
 Central Mortgage had total assets at Dec. 31, 1992 of $414 million.
 -0- 4/28/93
 /CONTACT: Lynn A. Harmon, 816-229-2201; or John H. Calvert, 816-842-0820, both of Central Mortgage Bancshares/
 (CMBI)


CO: Central Mortgage Bancshares Inc.; Citizens-Jackson County Bank;
 Blue Springs Bank ST: Missouri IN: FIN SU: OFR


BB -- DV013 -- 2358 04/28/93 18:45 EDT
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Publication:PR Newswire
Date:Apr 28, 1993
Words:537
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