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Great Southern Bank Opens at Former InterBank Locations

Maple Grove-based InterBank was closed by federal regulators last week. The bank had four branches, including one in Lakeville.

Maple Grove-based InterBank with the Office of the Comptroller of the Currency on April 27, according to InterBank’s website and media reports. Its four branch locations, including one in Lakeville, reopened as Great Southern Bank on Monday.

At the Maple Grove branch, external signs of InterBank had already been removed and replaced by temporary Great Southern Bank signage.

Great Southern Bank “welcomed” former InterBank customers on its website and told customers, “For now, it’s business as usual; only the name has changed.” The bank stated written notification would be provided “well in advance of any changes.” Customers were also advised once the InterBank and Great Southern computer systems were merged, they could use any Great Southern Banking Center within the six-state region.

The bank said "it has entered into a purchase and assumption agreement, including a loss sharing agreement, with the Federal Deposit Insurance Corporation (FDIC) to purchase substantially all of the assets and to assume substantially all of the deposits and other liabilities of Inter Savings Bank, FSB (“InterBank”)..."

“We welcome InterBank customers and employees to Great Southern. Customers can be confident that their deposits are safe and readily accessible. It’s business as usual,” said Great Southern President and CEO Joseph W. Turner in a press release.

InterBank customers can get additional information about how the bank closure impacted their deposits and other accounts by clicking here as well as information about the change provided Great Southern Bank by clicking here.

The Lakeville branch is at 10880 175th Court.

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