Great American Bancorp, Inc. is the parent company of First Federal Savings Bank of Champaign-Urbana, located in Illinois. Great American Bancorp, Inc. is a Delaware corporation and was organized in 1995 for the purpose of acquiring all of the capital stock of the Bank upon the Bank’s conversion from the mutual to the stock form of organization. The Company's principal executive office is located at 1311 S. Neil St., Champaign, IL 61820.
As of December 31, 2016, Great American Bancorp, Inc. had 443,677 shares of issued and outstanding common stock. Great American Bancorp, Inc. trades on OTC Pink®, under the symbol, "GTPS." Investors can find Real-Time quotes and market information for the Company here.
Currently, the Company does not transact any material business except through the Bank. First Federal Savings Bank was originally chartered in 1908 and became a federally chartered mutual savings institution in 1938. Prior to changing its name to First Federal Savings Bank of Champaign-Urbana in January 1995, the Bank operated as the First Federal Savings and Loan Association of Champaign. The Bank operates through two full-service offices located in Champaign and Urbana, Illinois.
The Bank's principal business consists of the acceptance of retail deposits from the residents and small businesses surrounding its branch offices and the investment of those deposits, together with funds generated from operations, primarily in one-to-four-family residential mortgage loans. The Bank also invests in multi-family mortgage loans, commercial real estate loans, construction loans, land development loans and commercial and consumer loans. The Bank, from time to time, originates loans for sale during certain designated periods and, to a lesser extent, may sell loans from its portfolio. In addition to its lending activities, the Bank also invests in mortgage-backed securities.
The Bank's revenues are derived principally from interest on its mortgage, consumer and commercial loans, and, to a lesser extent, interest and dividends on its securities. The Bank's primary sources of funds are deposits, principal and interest payments and principal prepayments on loans, proceeds from sales of one-to-four-family mortgage loans, and proceeds from Federal Home Loan Bank advances.
The Bank's primary market area consists of Champaign County, Illinois, which includes the cities of Champaign and Urbana. The economy in the Bank's primary market area is predominantly related to the University of Illinois, medical and health care related businesses, a major food processing operation and agriculture. The Bank provides a full range of retail banking services at each office, with emphasis on one-to-four-family residential mortgage loans and consumer and commercial loans.
The Bank also provides full service brokerage activities through a third-party broker-dealer. The Bank's subsidiary, Park Avenue Service Corporation, sells insurance products through the GTPS Insurance Agency. The Bank's deposits are insured by the Federal Deposit Insurance Corporation.