Great Southern authorizes sale of $250M in securities

Great Southern Bancorp Inc. (Nasdaq: GSBC) on Friday filed a prospectus with the U.S. Securities and Exchange Commission, notifying the agency the bank’s board approved the sale of $250 million worth of debt and equity securities.

Over the next three years, Great Southern is authorized to sell shares of common or preferred stock, depository shares, purchase contracts, warrants and rights, according to the SEC filing.

Great Southern Bank Chief Financial Officer Rex Copeland said the filing allows Great Southern to decide whether to offer such a sale in the future.

“We did one like this in 2009 – I think we covered $200 million – and we didn’t end up doing anything with it,” said Copeland, who is also the treasurer of holding company Great Southern Bancorp.

Copeland said the registration gives the bank the ability to issue various forms of stock or certain forms of debt in order to raise capital. The proceeds, he said, can be used to supplement bank capital, buy back stock, make acquisitions or refinance debt.

“It doesn’t mean we’re going to do any of those things, but it gives us the opportunity to have this approved,” Copeland said.