News & EventsBack to News and Events
Great Southern Bank Announces Termination of its FDIC Loss Share AgreementsTuesday, May 10, 2016
Congratulations Great Southern Bank!
Congratulations to Great Southern Bancorp, Inc. (Nasdaq: GSBC) & Great Southern Bank (Great Southern) of Springfield, Missouri for successfully terminating their FDIC loss share agreements on three failed bank receiverships: Vantus Bank, TeamBank NA and Sun Security Bank.
Under the terms of the agreement, the FDIC made a net payment of $4.4 million to the Bank as consideration for the early termination of the loss share agreements. In the second quarter of 2016, the termination agreement will eliminate from the company’s books the FDIC indemnification assets and other related receivables for the terminated loss-sharing agreements, which totaled $4.4 million as of March 31. As a result, some $1.9 million of the $4.4 million total indemnification assets and receivables as of March 31, which had been scheduled to be amortized against future earnings, will no longer negatively impact the income statement. The termination will be accretive to EPS in future periods as a result of non-cash amortization expense which will no longer be recognized and it is projected to have a positive impact of $0.04-$0.05 per share in both the remainder of 2016 and 2017.
DD&F served as an advisor to Great Southern in successfully terminating their shared loss agreements with the FDIC and would like to congratulate all of the Great Southern team. We wish you continued success.Back to News and Events