Great Southern Bank of Springfield, Mo., is selling approximately $58 million in deposits and all four branches in the Omaha, Neb., metropolitan market.
The branches in question are on Q Street and S 179th Court in Omaha, on Cornhusker Road in Bellevue, and on N 14th Street in Fort Calhoun. The buyer, Lincoln, Neb.-based West Gate Bank, will pay a premium based on specified percentages of deposit categories.
Great Southern Bank had $4.42 billion in assets at the end of 2017; West Gate Bank had $491.9 million. Great Southern intends to keep a commercial loan office in the Omaha market.
The deal, still subject to regulatory approval, is expected to close in July.
The seller's holding company, Great Southern Bancorp Inc., is estimating a pretax gain of $6.5 million to $7.0 million from the deal. That would translate to 35 cents to 38 cents per share after tax. Annual noninterest income is projected to decline by $300,000 to $350,000 and noninterest expense by $1.1 million to $1.2 million. Annual interest expense may go up by $300,000 to $350,000, based on current interest rates for nondeposit funds.