Great Southern Bancorp, Inc. Announces Redemption of 5.25% Fixed-To-Floating Rate Subordinated Notes Due August 15, 2026
June 30, 2021 at 04:10 pm EDT
Share
Great Southern Bancorp, Inc. announced its holders that the Company will redeem on August 15, 2021 all of the Company’s outstanding 5.25% Fixed-to-Floating Rate Subordinated Notes due August 15, 2026, having an aggregate principal amount of $75,000,000, in accordance with the terms of the Subordinated Notes. The total redemption price will be 100% of the aggregate principal amount of the Subordinated Notes, plus accrued and unpaid interest to, but excluding, the Redemption Date. The Company will utilize excess cash on hand for the redemption payment. The annual combined interest expense and amortization of deferred issuance costs on the Subordinated Notes has been approximately $4.3 million.
Great Southern Bancorp, Inc. is a bank holding company of Great Southern Bank (the Bank). The Company conducts its business as a financial holding company. Through the Bank and subsidiaries of the Bank, the Company primarily offers a variety of banking and banking-related services. The Bank offers a range of banking services through its 89 banking centers located in southern and central Missouri; the Kansas City, Missouri area; the St. Louis area; eastern Kansas; northwestern Arkansas; the Minneapolis area and eastern, western and central Iowa. The Company operates through a single segment, banking operation. The banking operation segment is principally engaged in the business of originating residential and commercial real estate loans, construction loans, commercial business loans and consumer loans and funding these loans by attracting deposits from the general public, accepting brokered deposits and borrowing from the Federal Home Loan Bank and others.