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CENTRAL MORTGAGE BANCSHARES ANNOUNCES PRELIMINARY RESULTS OF TENDER OFFER FOR SHARES OF BLUE SPRINGS BANK

 KANSAS CITY/BLUE SPRINGS, Mo., May 13 /PRNewswire/ -- Lynn A. Harmon, chairman of Central Mortgage Bancshares Inc. (NASDAQ-NMS: CMBI), (CMBI) announced today that the holders of 544,238 shares of Blue Springs Bank, 64.8 percent of the shares outstanding, had been tendered to CMBI per its April 30, 1993 Offer to Purchase. These shares together with an additional 32,100 shares subject to options granted to CMBI before the commencement of the Offer amount to 68.6 percent of all outstanding shares. Harmon said that CMBI expects the optioned shares to be tendered before the May 21, 1993 EXPIRATION DATE of the Offer.
 The CMBI Offer to purchase the Blue Springs Bank stock at $23 per share is contingent upon the tendering of at least 67 percent of the Bank's outstanding shares.
 More than 226 stockholders of the Bank (57 percent of all holders) have tendered their shares so far. Edward Mangone, the president and chief executive officer of Citizens-Jackson County Bank, the Depository for the Offer, reported that he was awaiting responses from a number of holders of small amounts of shares. Harmon encouraged each of these and other holders who desire cash for their shares to Tender their shares prior to the EXPIRATION DATE, which is 10 a.m. on May 21.
 He also reported that work is progressing according to schedule on applications to regulatory authorities for approval of the Offer and a proposed second step merger of Blue Springs Bank into Citizens-Jackson County Bank. 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 CMBI stock is to be offered only by means of a prospectus). The merger is 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.
 Harmon urged stockholders of Blue Springs Bank that have not tendered to carefully review the Offer to Purchase and to consult with their financial advisor if they have questions.
 Citizens-Jackson, a CMBI subsidiary, has offices in Kansas City, Independence, Lee's Summitl?ue 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 March 31, 1992 of $421 million. Its Common Stock is traded in the NASDAQ National Market System under the symbol "CMBI."
 -0- 5/13/93
 /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 -- DV004 -- 8123 05/13/93 12:57 EDT
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Publication:PR Newswire
Date:May 13, 1993
Words:495
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