Great Southern Bancorp. Inc. may receive up to $60 million from the U.S. Treasury as part of the $700 billion bailout of the nation's financial institutions, the company announced this week.

Though the final word is yet to come, Great Southern officials say they are already pleased with the mere fact that the Springfield-based bank has been preliminary approved, as it attests to the strength of the company.

"This is good news," said Joseph W. Turner, president and chief executive director of Great Southern. "The Treasury only gives the program to healthy banks."

Great Southern has total assets of $2.5 billion. Its capital stands at $168.8 million. Bad loans total $33.2 million.

The company's stocks closed at $8.89 per share Tuesday. Its 52-week high was $24.54.

In September, the Bush administration rushed Congress to quickly approve a bailout of the nation's largest financial institutions.

The bailout was originally sold to lawmakers as a way to buy up junk assets that were a drag on the books of Wall Street financial firms.

But just last week, Treasury Secretary Henry Paulson announced he was changing the scope of the buyout to focus on using $350 billion to infuse cash into struggling banks with hopes those banks will start lending money again and jump start the economy.

Other industries, including Detroit's Big Three automakers, and state and city governments have since asked for a piece of the bailout pie to stave off bankruptcy.

The federal government's first cash infusions went to the nation's largest banks -- Bank of America, Citibank, JPMorgan Chase and Wells Fargo.

The revised program has sparked credit card giant American Express to change its structure from creditor to a bank to qualify for the bailout.

The second phase is to infuse cash in regional banks like Great Southern, followed by smaller community banks.

Great Southern has 39 branches spread throughout central, west and southwest Missouri.

Final participation in the U.S. Treasury's Capital Purchase Program -- which is a part of the Emergency Economic Stabilization Act of 2008 -- is subject to a review of the program's terms and conditions, Turner said.

Should Great Southern participate in this program the $60 million could be a boon to the company, Turner said.

"It probably would give us the ability to take advantage of lending opportunities in our market," Turner said.

Turner said Great Southern has been in a healthy capital condition, and the capital from the U.S. Treasury would enhance the company's financial position.

The money would not be used to write off bad loans, nor would it be used for salaries and bonuses of Great Southern executives, Turner said.

If Great Southern were to participate in this capital purchase program, the U.S. Treasury would invest up to $60 million in its senior perpetual preferred stocks with warrants to purchase shares of Great Southern's common stock.

The preferred stock would carry a 5 percent interest rate for the first five years and 9 percent thereafter.

With the warrants to purchase Great Southern's common stock, the U.S. Treasury could potentially see returns on its investments because the company's stock is depressed, Turner said.

"Ultimately Great Southern has to repay the money," Turner said. "What's important is that it's a program for healthy banks."

Other regional banks with local branches have been approved for bailout money.

Regions Financial Corp. has completed its sale of $3.5 billion in preferred stock to the federal government.

U.S. Bancorp got $6.6 billion in taxpayer funds through the program -- the largest amount for any regional bank participating in the program, according to Dow Jones Newswires.

Other banks with local branches, including Kansas City-based UMB Financial and Commerce Bancshares, have said they would not participate in the federal program to nationalize bank assets.