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UNITED STATES
SECURITIES & EXCHANGE COMMISSION
Washington, DC. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15 (d) of the Securities
Exchange Act of 1934
Date of Report (Date of earliest event reported)
October 8, 1996
GREAT SOUTHERN BANCORP, INC.
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(Exact name of registrant as specified in its charter)
Delaware 0-18082 43-1524856
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(State or other (Commission File No.) (IRS Employer)
jurisdiction of
incorporation)
1451 E. Battlefield, Springfield, Missouri 65804
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code
(417) 887-4400
N/A
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(Former name or former address, if changed since last
report)
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Item 5. Other Events
On October 8, 1996, the Registrant issued the attached
press release announcing three items. The first item was a
$1.5 million after tax, non-recurring expense for the September
1996 quarter resulting from the one-time assessment of SAIF-
insured institutions to recapitalize the SAIF fund. The second
item was the write-off for the September 1996 quarter of $1.1
million after tax of goodwill related to a 1982 acquisition of
a failed thrift. The final items was the status of a stock
buy-back program and the initiation of another stock buy-back
program for up to 400,000 shares of the Registrant's common
stock.
Item 7. Financial Statements and Exhibits
(c) Exhibits
20.1 Press release dated October 8, 1996.
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the Registrant has duly caused this
report to be signed on its behalf by the undersigned
thereunto duly authorized.
GREAT SOUTHERN BANCORP, INC.
Date: October 8, 1996 /s/ Don M. Gibson
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Don M. Gibson
Executive Vice President
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Exhibit 20.1
For more information contact For immediate release
Teresa Chasteen @ (417)895-4529 October 8, 1996
GREAT SOUTHERN BANCORP, INC.
FIRST QUARTER EARNINGS
TO BE IMPACTED BY LEGISLATION
AND GOODWILL WRITE-OFF
Great Southern Bancorp, Inc. (NASDAQ:GSBC) announced today
that first quarter (September) fiscal 1997 earnings will be
substantially impacted by two non-recurring expense items
totaling approximately $2.6 million after tax.
The first item is a result of recent legislation which
included BIF/SAIF provisions requiring a one-time assessment
of SAIF-insured financial institutions to recapitalize the
SAIF fund.
The assessment is $1.5 million after tax, or 65.7 basis
points of the institution's March 31, 1995 deposit
assessment base of approximately $380 million.
As a result of this one-time charge, the bank expects to see
a 70% reduction in its future SAIF insurance premiums.
In addition, the company wrote-off $1.1 million, after tax,
of excess cost over fair value of net assets acquired
(goodwill) related to a 1982 acquisition of a failed thrift.
Finally, the Board of Directors announced the initiation of
a new buy-back program. The new plan allows for the
repurchase of up to 400,000 shares of the corporation's
outstanding common stock.
At the time of this release, the company was nearing
completion of the current buy-back with only 42,686 shares
remaining. Cumulative shares repurchased in all buy-back
plans to date equal 2,169,272; total shares outstanding are
4,313,792.
The principal subsidiary of Great Southern Bancorp, Inc.,
Great Southern Bank, is a $655 million Federal Savings Bank
headquartered in Springfield, Missouri which operates
extensive branch and ATM networks throughout southwest and
central Missouri.
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