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Great Southern Bank President and CEO Joseph W. Turner Selected to Serve on FDIC's Advisory Committee on Community Banking
Great Southern Bank President and CEO Joseph W. Turner has been selected to serve on the Federal Deposit Insurance Corporation's (FDIC) Advisory Committee on Community Banking. Turner was one of eight new members selected to serve on the Advisory Committee, which has been providing advice and recommendations to the FDIC on a broad range of community bank policy and regulatory matters since it was established in 2009. The Advisory Committee members represent a cross-section of community bankers from around the country.
In the September 2, 2016, FDIC announcement, FDIC Chairman Martin Gruenberg said, "We are fortunate to have such talented and dedicated community bank leaders join our Advisory Committee, which has been a valuable resource for the FDIC over the last few years. The Advisory Committee has proven to be a key source of information and input for the FDIC on many significant issues facing community banks."
The Advisory Committee on Community Banking, consisting of 13 members, discusses and provides input to the FDIC on a wide variety of topics, including current examination policies and procedures, credit and lending practices, deposit insurance assessments, insurance coverage and regulatory compliance. For more information, please visit the Advisory Committee on Community Banking webpage at http://www.fdic.gov/communitybanking/.
Turner joined Great Southern Bank in 1991 as a vice president and commercial loan officer. He later became executive vice president and chief lending officer, and was named president and general counsel in 1997. He was promoted to CEO of the Bank in 1999. During his tenure as president and CEO, Great Southern Bank has grown from a bank with $965 million in assets, serving customers primarily in southwest Missouri, to a $4.4 billion regional bank with operations in eight states.
About Great Southern Bank
Headquartered in Springfield, Mo., Great Southern offers a broad range of banking services to customers through its 105 retail banking centers in Missouri, Arkansas, Iowa, Kansas, Minnesota and Nebraska and commercial loan offices in Tulsa, Okla., and Dallas, Texas. The common stock of Great Southern Bancorp Inc., the holding company of Great Southern Bank, is listed on the Nasdaq Global Select Market under the symbol "GSBC."
Better Family Life Receives $200,000 Donation from Great Southern Bank
St. Louis, Mo. - Great Southern Bank announced a $200,000 donation to support Better Family Life.
This donation will provide resources for programs and services offered at their Cultural, Educational and Business Center located on Page Boulevard.
Great Southern Bank Commercial Lending Market Manager, Brian Davies, announced the Bank’s $200,000 donation to Better Family Life on Saturday, November 21st during the organization’s 29th Annual Unity Ball at the Renaissance Airport Hotel and presented the check at the Better Family Life Cultural, Educational and Business Center. This investment was possible in part by using the State of Missouri Youth Opportunity Tax Credit Program. The tax credits allow donors to make significant impacts in support of positive BFL youth, training and outreach initiatives.
Great Southern Bank sees the merit and importance of community investment initiatives like this and encourages St. Louis area businesses and individuals to contact Better Family Life to learn more about YOP tax credit opportunities. “Great Southern Bank is proud to invest in Better Family Life and their mission of establishing social, cultural, artistic, youth, economic, housing and educational programs that help to promote positive and innovative changes within the metropolitan St. Louis area,” said Joe Turner, President and CEO of Great Southern Bank. “Better Family Life provides quality programs and resources that are greatly needed by residents of our community and we are very pleased to provide our support.”
About Better Family Life, Inc.
Established in 1983, Better Family Life, Inc. (BFL) is a 501c3 not-for-profit community development corporation that is dedicated to the prosperity and growth of the American family. BFL’s mission is to plan and establish social, cultural, artistic, youth, economic, housing, and educational, programs that help to promote positive and innovative life changing experiences. Much of BFL’s programming is geared toward people who are unemployed, underemployed, disadvantaged and skill-deficient. Better Family Life took residence in its new headquarters, The Better Family Life Cultural, Educational and Business Center world-class institution is located at 5415 Page Blvd., St. Louis, Missouri 63112. For more information about BFL, please visit: www.betterfamilylife.org .
About Great Southern Bank
With total assets of $4.1 billion, Great Southern Bank operates 114 offices in eight states, including eight full service retail banking centers in the St. Louis area. Great Southern Bank’s Community Matters Program serves as the foundation of the Company’s philosophy of how to strengthen its communities by leading, doing, giving and teaching. Learn more at www.GreatSouthernBank.com .
Great Southern Bank to Acquire Twelve Branches in the St. Louis Region
Branch acquisition doubles total deposit balances in the market area
Great Southern Bank, a wholly-owned subsidiary of Great Southern Bancorp, Inc. (NASDAQ:GSBC) announced today that it has entered into a purchase and assumption agreement to acquire 12 branches and related deposits and loans from Cincinnati-based Fifth Third Bank. The acquisition, currently representing approximately $261 million in deposits and $155 million in loans, is expected to be completed in the first quarter of 2016, pending regulatory approval. This acquisition will increase Great Southern’s St. Louis-area banking center total from eight to 20 offices. Based on the expected amount of loans to be acquired and deposits assumed, it is anticipated that beginning in 2016 this transaction will be accretive to earnings in the range of $0.07 to $0.09 per common share annually.
“Great Southern has served the St. Louis-area market with a physical presence since 2005. During the last 10 years, thanks to our excellent St. Louis team of associates, we have continuously attracted and developed customer relationships, making St. Louis our second largest market. This transaction will significantly strengthen our presence in this vibrant region,” said Great Southern President and CEO Joseph W. Turner. “We warmly welcome Fifth Third’s retail and small business customers and its strong team of associates to Great Southern and look forward to working with them to build even stronger relationships with area customers.”
Fifth Third Bank customers at the St. Louis-area 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.
“We expect to transfer Fifth Third customer accounts to Great Southern in the first quarter of next year,” said Turner. “Our goal is to make this transition as smooth and timely as possible so that our newest customers can take advantage of our broad range of products and services, including our attractive online and mobile banking options.”
Sandler O’Neill acted as exclusive financial advisor and Silver, Freedman, Taff and Tiernan LLP served as legal counsel to Great Southern. Deutsche Bank Securities acted as exclusive financial advisor and Debevoise & Plimpton LLP served as legal counsel to Fifth Third Bank.
With total assets of $4.1 billion, Great Southern currently offers banking and investment services. Headquartered in Springfield, Mo., the Company operates 110 retail banking centers and more than 200 ATMs in Missouri, Arkansas, Iowa, Kansas, Minnesota and Nebraska, and loan production offices in Tulsa, Okla., and Dallas, Texas. Great Southern Bancorp’s common stock (ticker: GSBC) is listed on the NASDAQ Global Select Market.
When used in documents filed or furnished by the Company with the Securities and Exchange Commission (the "SEC"),in this press release and the Company's other press releases or other public or stockholder communications, and in oral statements made with the approval of an authorized executive officer, the words or phrases "will likely result," "are expected to," "will continue," "is anticipated," "estimate," "project,""intends" or similar expressions are intended to identify"forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks and uncertainties, including, among other things, (i)non-interest expense reductions from Great Southern’s banking center consolidations might be less than anticipated and the costs of the consolidation and impairment of the value of the affected premises might be greater than expected; (ii) the requisite regulatory approval of Great Southern’s pending acquisition of branches from Fifth Third Bank (the “Branch Acquisition”) might not be obtained within the anticipated time frame or at all; (iii) expected revenues, cost savings, earnings accretion, synergies and other benefits from the Branch Acquisition and the Company’s other merger and acquisition activities might not be realized within the anticipated time frames or at all, and costs or difficulties relating to integration matters, including but not limited to customer and employee retention, might be greater than expected; (iv) changes in economic conditions, either nationally or in the Company’s market areas; (v) fluctuations in interest rates; (vi) the risks of lending and investing activities, including changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for loan losses; (vii) the possibility of other-than-temporary impairments of securities held in the Company’s securities portfolio; (viii)the Company’s ability to access cost-effective funding; (ix) fluctuations in real estate values and both residential and commercial real estate market conditions; (x) demand for loans and deposits in the Company’s market areas; (xi)legislative or regulatory changes that adversely affect the Company’s business,including, without limitation, the Dodd-Frank Wall Street Reform and Consumer Protection Act and its implementing regulations, and the overdraft protection regulations and customers’ responses thereto; (xii) monetary and fiscal policies of the Federal Reserve Board and the U.S. Government and other governmental initiatives affecting the financial services industry; (xiii)results of examinations of the Company and Great Southern by their regulators,including the possibility that the regulators may, among other things, require the Company to increase its allowance for loan losses or to write-down assets;(xiv) the uncertainties arising from the Company’s participation in the Small Business Lending Fund program, including uncertainties concerning the potential future redemption by us of the U.S. Treasury’s preferred stock investment under the program, including the timing of, regulatory approvals for, and conditions placed upon, any such redemption; (xv) costs and effects of litigation,including settlements and judgments; and (xvi) competition. The Company wishes to advise readers that the factors listed above and other risks described from time to time in documents filed or furnished by the Company with the SEC could affect the Company's financial performance and could cause the Company's actual results for future periods to differ materially from any opinions or statements expressed with respect to future periodsrent statements.
The Company does not undertake-and specifically declines any obligation- to publicly release the result of any revisions which may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.