Great Western Bancorp Inc. has completed the repurchase of nearly 2.7 million shares of common stock from National Bank of Australia Ltd. As a result of the purchase, at a price of $22.50 per share, NAB divested all of its stock ownership in the Sioux Falls, S.D.-based parent of Great Western Bank. Great Western also announced that it had completed a public offering of 12.6 million shares at a per-share price of $23.50. The underwriter on that transaction exercised its option to purchase nearly 1.3 million shares. In addition, Great Western has completed the private placement of $35 million of fixed-to-floating rate subordinated notes due Aug. 15, 2025. The notes will pay a fixed annual rate of 4.875 percent until Aug. 15, 2020, then will pay a rate equal to the three-month London Interbank Offered Rate (Libor) plus 3.15 percent, resetting quarterly. The notes are expected to qualify as Tier 2 capital for regulatory purposes. The company intends to use the net proceeds from this offering to repay existing subordinated debt, according to a release.