September 8, 2009 (FinancialWire) — Great Southern Bancorp, Inc.’s (NASDAQ: GSBC) Great Southern Bank subsidiary has entered into a purchase and assumption agreement with loss share with the Federal Deposit Insurance Corp. to assume all of the deposits and certain assets of Vantus Bank.

With the acquisition of Sioux City, Iowa-based Vantus Bank’s accounts Great Southern will now operate 71 retail banking centers in four states.

In March 2009, Great Southern acquired TeamBank, N.A. in a similar FDIC-assisted transaction.

Vantus Bank operated 15 locations with eight banking centers in northwest Iowa, a banking center in South Sioux City, Nebraska, and six offices in central Iowa, including four in the Des Moines market area. Great Southern will be assuming around $368 million of the deposits of Vantus Bank at a premium of 0.50%.

Great Southern is also purchasing around $332 million in loans and $6 million of other real estate owned at a discount of $75 million. The loans and ORE purchased are covered by a loss share agreement between the FDIC and Great Southern, which affords Great Southern “significant protection,” according to a company statement.

Under the agreement, the FDIC has agreed to cover 80% of the losses on the loans and ORE up to around $102 million, and 95% of losses that exceed that amount.

Great Southern will also be purchasing cash and certain marketable securities of Vantus Bank. The company said it anticipates recording this transaction in the quarter ending September 30.

Springfield, Missouri-based Great Southern offers banking, investment, insurance and travel services. Including the latest Vantus acquisition, Great Southern operates 71 retail banking centers and ATMs in Missouri, Iowa, Kansas and Nebraska. The company also operates loan production offices in Overland Park, Kansas, Rogers, Arkansas, and St. Louis.

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