Great Southern Bancorp Springfield Missouri

This Joe Turner the CEO, he took $61MM of your bailout money, which he won’t pay back

Joe ran up $217MM in bad loans

Joe made $527k last year which includes a country club membership and sporting tickets, not bad pay for wiping out a 88 year old bank

Great Southern Bancorp Springfield, Missouri was founded in 1923.  The company took $61MM in tax payer funded bailout money, which it has made no effort to repay.

The company has $3.4B in assets and $304MM in equity.

The problem loan portfolio is epic. They have $37MM in loans past due 30-90 days, with $40MM over 90 days past due, there are $81MM on non accrual and OREO is $59MM. That’s $217MM?

The stated equity is $304MM however, the $61MM in tax payer bailout funding is debt not preferred stock, so the actual equity is $237MM.

The bank has $237MM in equity to support $217MM in bad debt, that is a scary proposition!

How are they going to pay this $61MM back?

At least the executive compensation remained intact.

William Turner   made $372K

Joseph Turner   made $521K

Rex Copland       made $228K

Steven Mechon made   $331K

Rest assured, the salaries included country club dues and sporting tickets.  They have the funds to go to the country club but not pay back the taxpayer.

The market capitalization is $278MM, not bad considering the equity position is essentially wiped out.

Tags: executives paid despite non payment of bailout fund, insolvent, Non repayment of Gov. bailout funds