Local banks receive U.S. Treasury funding

Two Springfield bank holding companies have received funding from the U.S. Department of the Treasury to increase small-business lending.

Great Southern Bancorp. Inc. and Liberty Bancshares Inc. each recently received funding through the Small Business Lending Fund, part of the Small Business Jobs Act signed into law by President Obama.

On Aug. 18, Great Southern Bancorp., the holding company for Great Southern Bank, was awarded $57.9 million and Liberty Bancshares, the holding company for Liberty Bank, received $23 million, according to the U.S. Treasury Web site.

Yesterday, the treasury announced another wave of funding, including $6.3 million for Washington, Mo.-based Cardinal Bancorp II Inc., bringing the national total to $2.4 billion across 191 community banks.

“There is no task more important than strengthening our economy and creating jobs, and this investment in small businesses across the country will help us achieve that goal,” Deputy Secretary of the Treasury Neal Wolin said in a news release. “By incentivizing community banks to extend billions of dollars in much-needed credit to small businesses, the Small Business Lending Fund can spur growth and put Americans back to work in communities nationwide.”  

Other Missouri banking systems to receive Small Business Lending Fund funding include:

• Poplar Bluff-based Southern Missouri Bancorp. Inc., $20 million;
• Columbia-based The Landrum Co., $20 million; and
• Liberty-based Liberty Bancorp. Inc., $16.2 million.

The $30 billion Small Business Lending Fund provides capital to community banks with less than $10 billion in assets. A full list of community banks that have received funding is available on the treasury's Web site. Community bank applications are available here.
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