TeamBank, N.A., Paola, KS

After a week off, the FDIC caught its breath and is active again, closing three more troubled banks after the close of buisness today. 

Federal regulators this afternoon seized TeamBank, N.A., Paola, KS, making the troubled lender the 20th local bank failure of 2009.

Great Southern Bank, a subsidiary of Great Southern Bancorp, Inc. (Nasdaq: GSBC), announced that it has entered into a purchase and assumption agreement with loss share with the Federal Deposit Insurance Corporation (FDIC) to assume all of the deposits (excluding brokered deposits) and certain assets of TeamBank, N.A., a full service commercial bank headquartered in Paola, Kan. All TeamBank offices with regular Saturday operating hours will open on Saturday, March 21, 2009, as branches of Great Southern Bank. TeamBank depositors will automatically become depositors of Great Southern Bank, and deposits will continue to be insured by the FDIC. With this acquisition, Great Southern will now operate 56 retail banking centers in three states.

Over the weekend, depositors of TeamBank can access their money by writing checks or using ATM or debit cards. Checks drawn on TeamBank will continue to be processed. Loan customers should continue to make their payments as usual. Customers of both banks should continue to bank as they normally do at their existing branches until Great Southern can fully integrate the deposit records of TeamBank. 

For those of you with more questions check the official FDIC web page for more details.

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