Springfield, Mo.-based Great Southern Bank has acquired Valley Bank of Moline under an agreement with the Federal Deposit Insurance Corp. Both institutions have had a significant presence in Greater Des Moines. In 2009, Great Southern Bank took over the operations of Vantus Bank, a Sioux City lender that ran into significant financial problems with the collapse of real estate markets. Current Valley Bank depositors will automatically become depositors of Great Southern Bank, and qualifying accounts will continue to be insured by the FDIC, according to a release. Under the agreement with the FDIC, Great Southern will be assuming approximately $356 million of deposits of Valley Bank at no premium. Additionally, Great Southern is purchasing certain investment securities and approximately $211 million in loans, a high percentage of which are performing, at an overall discount of approximately $40 million. The FDIC will retain a portion of the loans and all of the other real estate owned in the transaction, and there will be no loss-sharing agreement between the FDIC and Great Southern. Valley Bank had seven branches in Central Iowa. Great Southern expands into the Quad Cities and Illinois with the acquisition. In addition to Iowa and Missouri, the bank also has branches in Arkansas, Kansas, Minnesota and Nebraska.