Great Southern to consolidate 15 branches, sell one

Great Southern Bancorp Inc. (Nasdaq: GSBC) is in the process of consolidating 15 branches and selling one other.

The branch closures, scheduled to occur Jan. 8, would result in the transfer of $172 million in deposits to other branches, according to Great Southern spokeswoman Kelly Polonus.

Approved late last month by the Great Southern board, the consolidations would affect 11 branches in Missouri - including one in Springfield - four in Iowa and one in Kansas. A branch in Thayer is being sold.

Polonus said via email several factors when into the decision to join the branches together.

“As part of an ongoing performance review of its entire banking center network, Great Southern evaluated each location for a number of criteria, including access and availability of services to affected customers, the proximity of other Great Southern banking centers, profitability and transaction volumes, and market dynamics,” she said.

The consolidations include:
    •    the move of its Springfield branch operations at 507 E. Kearney St. to 1805 W. Kearney St.;
    •    a closing Buffalo branch transferring to Springfield’s 2562 N. Glenstone Ave. location;
    •    a move of a Branson branch on Highway 76 to one on Highway 248 in the city;
    •    a Forsyth branch into the Highway 248 facility in Branson;
    •    a Lockwood branch moving operations into one in Greenfield; and
    •    a Miller facility moving into the Greenfield branch.

Great Southern announced yesterday it inked a deal to sell its Thayer banking center for an undisclosed amount to West Plains-based Community First Banking Co. In the deal, Community First would assume $14 million in deposits and grow its southwest Missouri branch count to four, according to a news release.

After Great Southern completes its purchase of Cincinnati-based Fifth Third Bank’s 12 St. Louis branches, the Springfield company would have 106, down from its current 110, factoring the consolidations.