Key Developments For Great Southern Bancorp, Inc.
Great Southern Bancorp, Inc. (GSBC.O) (Nasdaq)
Great Southern Bancorp Declares Quarterly Dividend
Great Southern Bancorp announced that it has declared an $.18 per common share dividend for the third quarter of the calendar year ending December 31, 2009. The dividend will be payable on October 14, 2009, to shareholders of record on September 30, 2009.
Great Southern Bancorp's Great Southern Bank Acquires All Deposits of Iowa-Based Vantus Bank
Great Southern Bank, a subsidiary of Great Southern Bancorp, announced that it has entered into a purchase and assumption agreement with loss share with the Federal Deposit Insurance Corporation (FDIC) to assume all of the deposits and certain assets of Vantus Bank, a full-service bank headquartered in Sioux City, Iowa. All Vantus Bank offices with regular Saturday operating hours will open on Saturday, September 5, 2009, as branches of Great Southern Bank. Vantus Bank depositors will automatically become depositors of Great Southern Bank, and deposits will continue to be insured by the FDIC. Great Southern will be assuming approximately $368 million of the deposits of Vantus Bank at a premium of 0.50%. Additionally, Great Southern is purchasing approximately $332 million in loans and $6 million of other real estate owned (ORE) at a by a loss share agreement between the FDIC. Under this agreement, the FDIC has agreed to cover 80% of the losses on the loans and ORE up to approximately $102 million, and 95% of losses that exceed that amount. In addition, Great Southern will also be purchasing cash and certain marketable securities of Vantus Bank. The Company anticipates recording this transaction under FAS 141(R) in the quarter ending September 30, 2009. The financial statement effects of this transaction will be disclosed at a later date upon completion of further review and analysis.
Great Southern Bancorp Declares Quarterly Dividend of $0.18 Per Common Share
Great Southern Bancorp announced that the Board of Directors declared an $0.18 per common share dividend for the second quarter of the calendar year ending December 31, 2009. The dividend will be payable on July 14, 2009, to shareholders of record on June 30, 2009.
Great Southern Bancorp Subsidiary Acquires All Deposits of TeamBank, N.A.
Great Southern Bank, a subsidiary of Great Southern Bancorp, Inc., announced that it has entered into a purchase and assumption agreement with loss share with the Federal Deposit Insurance Corporation (FDIC) to assume all of the deposits (excluding brokered deposits) and certain assets of TeamBank, N.A., a full service commercial bank headquartered in Paola, Kansas. All TeamBank offices with regular operating hours will open on March 21, 2009, as branches of Great Southern Bank. TeamBank depositors will automatically become depositors of Great Southern Bank, and deposits will continue to be insured by the FDIC. Great Southern will be assuming approximately $474 million of the deposits of TeamBank at a premium of 1%. Additionally, Great Southern is purchasing approximately $443 million in loans and $7 million of other real estate owned (ORE) at a discount of $100 million. The loans and ORE purchased are covered by a loss share agreement between the FDIC and Great Southern which affords Great Southern significant protection. Under such agreement, the FDIC has agreed to cover 80% of the losses on the disposition of the loans and ORE up to $115 million, and 95% of losses that exceed that amount. In addition, Great Southern will also be purchasing cash and other marketable securities of TeamBank. Great Southern did not assume brokered deposits, the trust department or the subsidiary, TeamBank N.A. Asset Corporation.
Great Southern Bancorp Declares Quarterly Dividend of $.18 Per Common Share
Great Southern Bancorp announced that its Board of Directors has declared a $.18 per common share dividend for the first quarter of the calendar year ending December 31, 2009. The dividend will be payable on April 14, 2009, to shareholders of record on March 31, 2009.
