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Great Southern Bank Announces Plans To Sell Great Southern Travel And Great Southern Insurance

Stocks in this article: GSBC

SPRINGFIELD, Mo., Nov. 9, 2012 /PRNewswire/ -- Great Southern Bancorp, Inc. (NASDAQ:GSBC) subsidiary Great Southern Bank announced today that separate definitive agreements have been signed to sell Great Southern Travel to Milwaukee, Wisconsin-based Adelman Travel and Great Southern Insurance to St. Louis-based HM, effective Nov. 30, 2012, for both entities. Current Great Southern Travel and Great Southern Insurance employees and offices will become part of each acquirer's respective operations.  Customers of both entities will not see any disruption in service and can expect even greater offerings and service in the future.

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Great Southern President and CEO Joseph W. Turner said, "Great Southern Bank has experienced phenomenal growth during the last three years, growing from a primarily southwest Missouri-based bank with 39 banking centers to 107 banking centers in six states. Banking is and always has been our core business. We have made the decision to strictly focus our resources on that core business. The decision to find buyers for our travel agency and insurance company was not taken lightly. Both divisions have been very visible parts of our institution for decades and they are highly respected and profitable entities. Our top priority was to find buyers that we knew would take excellent care of our customers and employees and provide even more resources and capabilities. We have exceeded this objective with Adelman Travel and HM. Adelman Travel is a world-class travel management company that will use their strong position in the travel industry to take travel services to the next level for our current customers and employees. In the same light, HM is a growing and dynamic insurance company offering a wide range of insurance solutions."

Adelman Travel, with more than $400 million in annual revenue, provides business and consumer travel solutions on a global scale. Now in their 27th year in business, Adelman employs 185 people and operates 20 full-service on-site travel centers nationwide and four regional reservation centers. They are the largest travel agency in Wisconsin and rank in the top 10 of all travel management companies nationwide. 

"Both companies will bring their core strengths to this union," said Craig Adelman, the company's founder, chairman and CEO. "Adelman Travel has much to offer Great Southern Travel's corporate travelers in the way of innovative services and technology solutions. At the same time, we are excited at the prospect of expanding our vacations division through the experience of Great Southern Travel consultants. Additionally, our combined purchasing power will directly benefit both our corporate and leisure customers."

HM was founded in 1991 and is one of the largest privately held insurance brokers in the United States. HM provides risk management services to clients in all 50 states and around the globe offering Property-Casualty, Employee Benefit, Personal Lines, and Financial services.

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