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Note 12: Subordinated Debentures Issued to Capital Trusts | 12 Months Ended
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Dec. 31, 2019
Notes |
Note 12: Subordinated Debentures Issued to Capital Trusts | Note 12: Subordinated Debentures Issued to Capital Trusts In November 2006, Great Southern Capital Trust II (Trust II), a statutory trust formed by the Company for the purpose of issuing the securities, issued a $25.0 million aggregate liquidation amount of floating rate cumulative trust preferred securities. The Trust II securities bear a floating distribution rate equal to 90-day LIBOR plus 1.60%. The Trust II securities became redeemable at the Company’s option in February 2012, and if not sooner redeemed, mature on February 1, 2037. The Trust II securities were sold in a private transaction exempt from registration under the Securities Act of 1933, as amended. The gross proceeds of the offering were used to purchase Junior Subordinated Debentures from the Company totaling $25.8 million and bearing an interest rate identical to the distribution rate on the Trust II securities. The initial interest rate on the Trust II debentures was 6.98%. The interest rate was 3.51% and 4.14% at December 31, 2019 and 2018, respectively. At December 31, 2019 and 2018, subordinated debentures issued to capital trusts are summarized as follows:
|  | 2019 |  |  | 2018
|  | (In Thousands)
Subordinated debentures | $ | 25,774 |  | $ | 25,774

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