Great Southern Bank announced recently that a definitive agreement has been signed for Great Southern to buy two branches of Boulevard Bank in Neosho.
Great Southern, a wholly-owned subsidiary of Great Southern Bancorp, Inc. (NASDAQ:GSBC) will buy the branches located at 111 E. Main St. and 713 S. Neosho Blvd. The acquisition, representing approximately $65 million in deposits and $6 million in loans, is expected to be complete in the first quarter of 2014, pending regulatory approval.
“Great Southern has served the Neosho market for more than two decades and we’re excited about strengthening our presence in this great community,” said Great Southern President and CEO Joseph W. Turner. “We warmly welcome Boulevard Bank’s customers and its strong team of employees to Great Southern and look forward to working with them to build even stronger relationships with Neosho-area customers.”
Company officials said Boulevard Bank customers at these branches should continue to bank as they always have until further notice. Important information about the acquisition will be mailed to customers in the coming days and weeks, the officials said.
Great Southern currently operates one banking center in Neosho at 714 S. Neosho Blvd. Subject to regulatory approval and after conversion of all Neosho locations to one operating system, the bank expects to relocate this office into the Boulevard Bank branch directly across the street at 713 S. Neosho Blvd. This transaction will ultimately represent a net gain of one banking center to the Great Southern franchise.
With total assets of $3.6 billion and headquartered in Springfield, Mo., Great Southern offers banking and investment services with 96 retail banking centers and more than 200 ATMs in Missouri, Arkansas, Iowa, Kansas, Minnesota and Nebraska. Great Southern Bancorp is a public company and its common stock (ticker: GSBC) is listed on the NASDAQ Global Select stock exchange.