Missouri-based bank to open west Omaha branch - Omaha.com
Published Wednesday, October 2, 2013 at 1:00 am / Updated at 5:02 pm
Missouri-based bank to open west Omaha branch

There is a new entrant in the metro-area banking scene, with Missouri’s Great Southern Bank saying Tuesday it plans to open a branch in west Omaha next month.

The Springfield-based operator of 107 branches in Nebraska, Missouri, Iowa, Kansas, Arkansas and Minnesota said its new branch at 1020 S. 179th Court is slated to open Monday.

It will be Great Southern’s fifth in the state and first in Omaha, where deposit-share leaders are entrenched, according to Federal Deposit Insurance Corp. figures. First National Bank of Omaha is the leader with about 28 percent of metro-area deposits, followed by Wells Fargo and Mutual of Omaha Bank with about 13 percent each. No other bank has a share of more than 10 percent.

“We are excited to be a part of the Omaha market and are proud of the team of experienced, local bankers we have assembled to serve our customers,” said Great Southern’s chief executive, Joseph Turner. “Our team knows and understands the needs of this market.”

Great Southern, which also has Nebraska branches in Bellevue, Fort Calhoun and South Sioux City, has substantial resources with which to compete. If based in Nebraska, it would be tied with Lincoln-based Pinnacle Bank as the third-largest headquartered in the Cornhusker State, with $3.8 billion of assets.

Great Southern had a $50 million profit last year; it was profitable every calendar year during the banking and credit crisis that started in 2007 or 2008. The company is publicly traded on Nasdaq; shares have fallen about 7.5 percent in the past year, and more than doubled over the past five.

As for lending acumen, Great Southern’s loans not being paid as agreed were 2.2 percent of total loans as of June 30, according to the Federal Deposit Insurance Corp., down from 2.5 percent a year earlier.

The bank’s high for bad loans during the credit crisis came in 2011, when they were at about 5 percent at year-end. That is right in line with the bad-loan rates at Omaha’s largest banks during the same period.

A grand opening for the new branch is planned for Nov. 9, with a tailgate party and appearances by former University of Nebraska football players. There also will be charitable donations and prizes, bank officials said.

Contact the writer: Russell Hubbard

russell.hubbard@owh.com    |   402-444-3133

Russell Hubbard covers banking, financial services, corporate finance, TD Ameritrade, business lawsuits, bankruptcies and other economic and financial topics.

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