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Great Southern closes sale of 4 branches to West Gate Bank

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Great Southern closes sale of 4 branches to West Gate Bank

Springfield, Mo.-based Great Southern Bancorp Inc. on July 20 completed the sale of four banking centers and related deposits in the Omaha, Neb., metropolitan market to Lincoln, Neb.-based West Gate Bank.

Pursuant to the purchase and assumption agreement, Great Southern Bank sold approximately $56 million in branch deposits and substantially all branch-related real estate, fixed assets and ATMs. As previously reported, the branches sold were located on Cornhusker Road in Bellevue, on N 14th Street in Fort Calhoun, and on Q Street and S 179th Court in Omaha, all in Nebraska.

Excluding expenses related to the sale, Great Southern Bancorp recorded a pretax gain of approximately $7.4 million on the sale, and estimates the gain to increase after-tax earnings approximately 38 cents per share, in the three months ending Sept. 30.

Separately, Blair, Neb.-based Washington County Bank completed the purchase of the Fort Calhoun branch from West Gate Bank. The branch is already listed as a branch of Washington County Bank on the bank's website.