Great Western Bancorporation is the holding company for Great Western Bank, which operates about 200 branches in Iowa, Kansas, Missouri, Nebraska, and South Dakota, as well as Arizona and Colorado. Founded in 1907, the bank offers standard services including checking and savings accounts, CDs, IRAs, and loans. Agribusiness and small business banking services are areas of focus for the bank. Commercial mortgages, construction and land loans, business loans, and residential mortgages make up the bulk of its loan portfolio. The bank also offers wealth management, trust, investment, and private banking services. Great Western Bancorporation is owned by National Australia Bank, which acquired the firm in 2008.
Great Western has been growing through acquisitions since then. In 2009 it bought 20 branches in Colorado from First State Bancorp. On the heels of its entrance into Colorado, Great Western purchased about 30 branches in Nebraska and three more in Iowa from TierOne. It acquired the rest of TierOne's operations in Nebraska, Iowa, and Kansas in 2010 after that bank failed and was seized by regulators. The FDIC-assisted transaction included a loss-sharing agreement with the federal agency.
Also in 2010 Great Western acquired F&M Bank and its 10 Iowa locations from Citizens Republic Bancorp. The deal helped the strengthen its foothold in the Midwest. Great Western will again expand in Iowa with the acquisition of North Central Bancshares, the holding company for First Federal Savings Bank of Iowa. – less