Great Southern exec retires

Great Southern Bank's loss may be a little bank in northwest Arkansas' gain.

Vice Chairman Don Gibson, who has worked for Great Southern nearly 25 years, retired from the bank Feb. 15 with plans to operate a bank in Gravette, Ark., for Damian Sinclair. Sinclair is the former owner of Sinclair Financial Group, now known as SFG. Sinclair's and his partners' purchase of the Arkansas bank, called Northwest National Bank, is pending approval by federal regulatory agencies.

"I (originally) told Great Southern I would be leaving at the end of March 2000 last April, so they would have plenty of lead time to make plans," he said. "Then, at the end of the year last year, or the beginning of the year this year, Damian approached me and said he had an opportunity to acquire a bank in Gravette and wanted me to run it for him."

Gibson said when he announced his retirement, he recommended that Great Southern phase out his position and not hire a replacement.

"Hopefully it'll work, and they'll save some money," Gibson said.

Joe Turner, Great Southern's president and chief executive officer, said Gibson's duties will be split among four or five other bank personnel. Turner said he's known Gibson since Gibson began at Great Southern in 1975, and Great Southern's success during the last 25 years can be directly attributed to Gibson's innovative thinking.

"He's done great things here and has been a positive influence on our employees. He's been a person they have been able to look to and learn from, and he's been a friend to them in many instances," Turner said.

Turner said he was a little surprised at Gibson's decision to continue working after retiring from Great Southern, because Gibson had no plans to continue working when he announced his impending retirement last year.

"This opportunity became available to him to continue to use the knowledge he's gained over the last 40 years in banking, and also not compete with Great Southern, so he took it, and we're all happy for him," Turner said.

If the new ownership of the Arkansas bank is approved, Gibson said he plans to run the bank from his home in Springfield or possibly from SFG's offices on South Fremont. Sinclair maintains a relationship with SFG and does some consulting work for the finance company, which is now owned by the former president, treasurer and chief financial officer under Sinclair's ownership, Clarence Stevens Jr., Gibson said.

Gibson said he'll make monthly or weekly trips to Gravette, depending on the bank's need for him to be there. Gibson, Damian Sinclair and Susan Sinclair are listed on the application for change of control of the Arkansas bank.

Gibson spent 38 years in Springfield's banking industry. Before going to Great Southern in 1975, he was with Boatmen's Bank two years. He spent 12 years with Union National Bank before Boatmen's acquired it in 1973. His first job in the banking industry was with Union National, as a messenger, in 1961.

Gibson said the biggest change in the banking industry he's seen has been automation.

"When I started, there were no computers. It was a different world. The volume of checks processed and the growth of Springfield have both been pretty amazing," Gibson said.

Gibson said he saw Great Southern grow enormously during the nearly 25 years he was with the bank.

"Great Southern had 35 employees when I started in 1975. Now there's over 600, and 27 branches," Gibson said. "We've taken the company from a $100 million bank to almost a billion dollar bank. It's been a real opportunity to work for (Great Southern Chairman of the Board and former President and CEO) Bill Turner over the years, he's been just great to work for."

Gibson said Northwest National Bank has just 12 employees and two locations. Its deposits as of June 30, 1999, were slightly more than $17 million.

Great Southern's senior vice president and chief financial officer, Richard Wilson, is also leaving to join the Arkansas bank as its CFO. Wilson said his replacement will begin at Great Southern Feb. 24 and he plans to stay at least a few weeks to get the new CFO situated.

Wilson said Sinclair offered him the position with the Arkansas bank on Gibson's recommendation, and he will also work from Springfield. Wilson has worked for Great Southern for 13 years.