Great Southern to sell branch network in Omaha, Neb.

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Great Southern Bancorp in Springfield, Mo., has agreed to sell all four of its branches in Omaha, Neb., to West Gate Bank in Lincoln, Neb.

The $4.4 billion-asset Great Southern said in a regulatory filing Tuesday that it will also sell about $58 million in deposits to the $489 million-asset West Gate. The price was not disclosed.

Great Southern plans to keep a commercial loan office in Omaha.

The transaction is expected to close in July.

Great Southern said it expects to report a pretax gain of $6.5 million to $7 million, or 35 cents to 38 cents a share, tied to the sale.

The sale should also lower the company’s annual noninterest expense by $1.1 million to $1.2 million. Noninterest income is expected to fall by $300,000 to $350,000 annually.

Based on current interest rates for nondeposit funds, Great Southern estimated that its annual interest expense will rise by $300,000 to $350,000.

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