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Subsequent Event | 3 Months Ended
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Mar. 31, 2012
Subsequent Event [Abstract] |
Subsequent Event | NOTE 14: SUBSEQUENT EVENT On April 27, 2012, Great Southern Bank entered into a purchase and assumption agreement, including a loss sharing agreement, with the FDIC to purchase substantially all of the assets and assume substantially all of the deposits and other liabilities of Inter Savings Bank, FSB (“InterBank”), a full-service bank headquartered in Maple Gove, MN. Established in 1965, InterBank operated four locations in three counties in the Minneapolis-St. Paul area. Great Southern Bank assumed approximately $467 million of deposits of InterBank at no premium and purchased approximately $403 million in loans and $11 million of foreclosed assets at a discount of $60 million. Under the loss sharing agreement the FDIC has agreed to cover 80% of the losses on the loans (excluding approximately $400,000 of consumer loans) and foreclosed assets purchased subject to certain limitations. Also included in the assets purchased are cash and certain marketable securities of InterBank. The Company anticipates recording the transaction in accordance with FASB ASC 805, Business Combinations, during the quarter ending June 30, 2012. The transaction is anticipated to be accretive to income and equity for the quarter ending June 30, 2012. Pricing on these types of FDIC-assisted transactions continues to be very competitive. Despite this, as part of this transaction, we preliminarily expect to record a bargain purchase gain. The Company expects to convert the InterBank operational systems into Great Southern’s systems in the third quarter of 2012, which will allow all Great Southern and former InterBank customers to conduct business at all banking centers throughout the Great Southern six-state franchise. For further information, see the Current Report on Form 8-K filed by the Company on May 1, 2012. The Purchase and Assumption Agreement dated as of April 27, 2012 between the FDIC and the Bank is filed as Exhibit 2.1 to this report.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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