Great Southern Bancorp Receives $58 Million Under Treasury Program

Mon. December 08, 2008; Posted: 05:32 PM

(financialwire.net via COMTEX) -- GSBC | Quote | Chart | News | PowerRating -- December 8, 2008 (FinancialWire) -- Great Southern Bancorp (NASDAQ: GSBC | Quote | Chart | News | PowerRating) (Current Market Cap: US$117.74 Mil.) has received $58.0 million from the U.S. Treasury under Treasury's voluntary Capital Purchase Program. The company sold 58,000 shares of its newly authorized fixed rate cumulative perpetual preferred stock, series A, and issued a warrant to purchase 909,091 shares of common stock at $9.57 per share.

The amount of preferred shares sold represents around 3% of the company's risk-weighted assets as of September 30.

Through its preferred stock investment, the Treasury will receive a cumulative dividend of 5% per year for the first five years, or $2.9 million per year, and 9% per year thereafter. The preferred shares are callable after three years at 100% of the issue price, subject to the approval of the company's federal regulator.

Earlier redemptions of the preferred stock also require that the company complete an equity offering of at least $14.5 million, or 25% of original preferred stock issuance.

Springfield, Missouri-based Great Southern offers banking, investment, insurance and travel services. The company operates 39 retail banking centers and 170 ATMs throughout southwest, west and central Missouri.

The company also serves lending needs through loan production offices in Overland Park, Kansas, Rogers, Arkansas, and St. Louis

FinancialWire" is a fully independent, proprietary news wire service of Investrend Information (a division of Investrend Communications, Inc.). FinancialWire" news is written by professional journalists, dedicated to pure journalistic standards. FinancialWire" does not receive or accept any compensation from any individual or subject company (or representative thereof) for its news or opinions. All FinancialWire" news is available at http://www.financialwire.net . Please address any inquiries to feedback@financialwire.net .

Free annual reports for companies mentioned in the news are available at http://investrend.ar.wilink.com/?level=279 .

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For full details on Great Southern Bancorp (GSBC) click here. Great Southern Bancorp (GSBC) has Short Term PowerRatings of 4. Details on Great Southern Bancorp (GSBC) Short Term PowerRatings is available at This Link.

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