Great Southern to buy two branches from Neosho bank

Springfield-based Great Southern Bancorp Inc. (Nasdaq: GSBC) has entered a definitive agreement to purchase two branches from Boulevard Bank in Neosho.

The acquisition of branches at 111 E. Main St. and 713 S. Neosho Blvd. includes an absorption of $65 million in deposits and $6 million in loans. The deal is expected to close in the first quarter, pending regulatory approvals, according to a news release.

After completion of the purchase, the terms of which were undisclosed, Great Southern would consolidate its sole Neosho branch, 714 S. Neosho Blvd., into the Boulvevard Bank branch located across the street. The transaction would ultimately represent a net gain of one branch for Great Southern, said spokesman Brian Eaton.

Neosho-based Boulevard Bank will continue to operate a branch in St. Louis, as well as two loan productions offices in St. Louis and one in Moline, Ill., according to its website. Eaton said Great Southern's purchase of the company's two Neosho branches does not represent a total buyout of Boulevard. Twelve employees at the two Boulevard branches will join Great Southern, he said.

Great Southern operates 96 branches in Missouri and five other states, with total assets of $3.6 billion. The company is scheduled to release its fourth-quarter and full-year earnings release on Jan. 23.

GSBC shares were trading at $29.31 as of 10:34 a.m., compared to a 52-week range of $22.60 to $31.23.