Edina's InterBank Transitions to Great Southern

The Edina branch of InterBank was closed by federal regulators with the Office of the Comptroller of the Currency on Friday, April 27, according to InterBank’s website and media reports. Customers continued to have access to their money by check, ATM and online over the weekend.

Deposits at Interbank’s four branch locations in Edina, Lakeville, Maple Grove and Roseville were transferred to Great Southern Bank of Reeds Spring, MO. 

The four Minnesota locations reportedly reopened Monday under Great Southern Bank. 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," said Great Southern President and CEO Joseph W. Turner. "Customers can be confident that their deposits are safe and readily accessible. It’s business as usual."