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June 21, 2014
12:21 EDTGSBCGreat Southern Bank assumes deposits, buys certain assets of Valley Bank
Great Southern Bank, a subsidiary of Great Southern Bancorp, (GSBC), announced that it has entered into a purchase and assumption agreement with the, FDIC to acquire certain loans and other assets and assume all of the deposits of Valley Bank, a full-service bank headquartered in Moline, Ill., and with significant operations in Iowa. Under the agreement with the FDIC, Great Southern will be assuming approximately $356M of deposits of Valley Bank at no premium. Additionally, Great Southern is purchasing certain investment securities and approximately $211M in loans, a high percentage of which are performing, at an overall discount of approximately $40M. The FDIC will retain a portion of the loans and all of the other real estate owned in the transaction and there will be no loss sharing agreement between the FDIC and Great Southern. "This acquisition supports our long-term strategy of strengthening our presence in the Des Moines area and provides entry into a new market, the attractive Quad Cities metro area. This transaction, unlike our previous FDIC-assisted transactions, does not provide a large bargain purchase gain or loss share coverage; however, projected future earnings related to the acquired operations are expected to be meaningful," said Great Southern President and CEO Joseph W. Turner. The company anticipates recording this transaction under ASC 805 Business Combinations, in the quarter ending June 30. The financial statement effects of this transaction will be disclosed in the company's second quarter earnings announcement issued in late July, but the company anticipates that this transaction will be accretive to income and equity beginning in the current quarter, and in subsequent quarters.
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