Great Southern Bancorp (GSBC) in Springfield, Mo., is closing 11 branches in a bid to cut costs.
The $4 billion-asset company will consolidate the branches into nearby locations, it disclosed Friday in a regulatory filing. The branches are in southern and central Missouri and are among the 27 branches Great Southern obtained from its purchase of the failed Sun Security Bank in 2011.
After the closures, which are expected to take place by the end of the year, Great Southern will have 96 branches in six states, including 65 in Missouri. The company's network has grown rapidly in the past five years, from 39 branches in 2008 to the current 107, Great Southern Chief Executive Joe Turner told American Banker in November.
Great Southern expects the closures to reduce annual expenses by $1.2 million to $1.5 million. The company will incur a one-time expense of $300,000 to $500,000, it said in the filing. It plans to sell the properties, but maintain ATMs at each location.
Late last year, Great Southern announced plans to sell several niche-lending businesses as it turns its focus to its core business.