Great Southern Bank takes over Vantus - KTIV News 4 Sioux City IA: News, Weather and Sports

Great Southern Bank takes over Vantus


SIOUX CITY, Iowa (KTIV) -- Troubled Vantus Bank, based in Sioux City was closed today by the Office of Thrift Supervision, which appointed the Federal Deposit Insurance Company as receiver.

Vantus is now on the failed bank list, but it does have a new owner. A lot of customers are concerned about what this means for them.

When it closed for business today it was Vantus Bank. But tomorrow morning when it opens, it'll be Great Southern Bank.

Around 9:30 Friday night, NewsChannel 4 spotted crews already switching out signage on the former Vantus bank branch on Outer Drive.

Earlier Friday evening, a security guard was posted at the door of the Vantus main branch in downtown Sioux City. A few people were being allowed in the building... but were showing identification.

Signs were then posted on the door. The press release announced that Great Southern Bank, based in Springfield, Missouri, has entered into a purchase and assumption agreement with the FDIC to assume all of the deposits and certain assets of Vantus Bank.

All Vantus Bank offices with regular Saturday operating hours will open Saturday morning as branches of Great Southern Bank.

Vantus Bank customers will automatically become customers of Great Southern Bank and deposits will continue to be insured by the FDIC.

Great Southern says Vantus customers can continue to access their money by writing checks or using ATM or debit cards. Checks drawn on Vantus Bank will continue to be processed. Loan customers should continue to make their payments as usual.

Basically, officials say it'll be business as usual until Great Southern can fully integrate the deposit records of Vantus Bank.

Great Southern Bank is a subsidiary of Great Southern Bancorp, Incorporated, headquarted in Springfield, Missouri. With the aquisition of Vantus it'll now operate 71 retail banking centers in Nebraska, Kansas, Missouri, Arkansas and now Iowa.

It's grown to $3.3 billion in total assets. In addition to assuming all of the deposits of Vantus, Great Southern Bank agreed to purchase the approximately $387 million of Vantus' assets.

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