The branch of Great Southern Bank located at 25715 Highway 5 in Gravois Mills will be closing in October as part of a consolidation of operations after a performance review recommended closing the facility along with 10 others in central and southeast Missouri.
All of the locations that are closing were part of the FDIC-assisted acquisition in 2011 of the former 27-branch Sun Security Bank. The other facilities being closed are located in Annapolis, Arcadia, Centerville, Lesterville, Marquand, Piedmont, Fair Play, Holts Summit, Humansville and Weaubleau.
In its July 12 filing with the Security Exchange Commission, Great Southern stated the review evaluated each location on access and availability of services to affected customers, the proximity of other Great Southern banking centers, profitability and transaction volumes and market dynamics.
The Gravois Mills location will close at the end of business, 3:30 p.m., on Oct. 25, 2013, according to Great Southern Communications Director Kelly Polonus.
The three employees working at the branch will have the opportunity to apply for other open positions they are qualified for within the company, Polonus said. If that doesn't occur, the employees will receive a severance package if they stay until the location closes.
Deposits and other banking center operations at the Gravois Mills location will be transferred to a branch located at 107 W. 2nd St. in Stover, but customers may bank at virtually any of the 96 branches of the Great Southern network. In the lake area, there are also locations in Osage Beach, Eldon, Camdenton, Greenview and Climax Springs.
Nothing about the accounts, however, will change. There should be no interruption in service. Customers will have access to their accounts at all times, Polonus said.
Since account numbers will remain the same, customers can continue to use their current checks and debit cards as well as use any existing online services.
These online and mobile services are becoming increasingly popular with customers, according to Polonus. In addition to most paychecks and social security checks being directly deposited into accounts, Great Southern offers the mobile option of depositing checks using a smart phone.
The ATM at the location in Gravois Mills will also remain in operation.
According to the SEC filing, all of the sites being shut down have a total overall value of approximately $1.5 million and will be marketed for sale, including the building in Gravois Mills.
The company expects a positive pre-tax income statement impact of approximately $1.2 million-$1.5 million on an annual basis due to the anticipated reduction in non-interest expenses, the filing states. One-time expenses related to closing these 11 facilities are expected to total approximately $300,000-$600,000 during the third and fourth quarters of 2013. These costs are from the severance packages for affected employees and shortened useful lives of certain furniture and equipment.
Page 2 of 2 - Great Southern Bancorp Inc. is headquartered in Springfield, Mo.