Great Southern to sell branch to Old Missouri Bank

Last edited 3:02 p.m., Nov. 5, 2015

Great Southern Bancorp Inc. (Nasdaq: GSBC) signed a definitive agreement to sell its sole Buffalo branch to Old Missouri Bank.

Pending regulatory approval, the Buffalo office would grow Old Missouri Bank’s total branch count to five. It currently comprises two in Springfield and one each in Ash Grove and Walnut Grove, according to a news release.

Financial terms of the deal were undisclosed in the release. Great Southern spokeswoman Kelly Polonus said Old Missouri Bank would assume roughly $8.5 million in deposits held at the branch. She said the purchase is likely to finalize late in the first quarter next year.

“Our decision to sell our banking center in Buffalo was difficult, but we believe this to be the best course of action for our customers and the community,” said Great Southern Director of Retail Banking Kris Conley in the release. “We are confident that Old Missouri Bank will be an exceptional employer for our associates and will provide the level of service our customers in Buffalo expect and deserve.”

The purchase has been approved by each bank’s board of directors.

The Buffalo announcement comes about a month after Great Southern disclosed it would consolidate 15 branches and sell another in Thayer to West Plains-based Community First Banking Co.

In late September, the company announced plans to purchase Cincinnati-based Fifth Third Bank’s St. Louis branches, deposits and loans, more than doubling its presence in Great Southern’s second-largest market.

GSBC shares were trading at $49.64 as of 10:58 a.m., compared to a 52-week range of $35.10 to $50.35.