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TierOne Corp. selling local branch offices |
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Wednesday, 09 September 2009 |
 LINCOLN -- TierOne Corporation announced plans Friday to sell 32 branch offices, including the branch locations in Broken Bow, Burwell, Ord and Callaway.
According to a TierOne Corp. press release, the company has agreed to sell deposits, selected loans and other assets associated with 32 of the Bank’s branch offices to Great Western Bank, a South Dakota-based subsidiary of National Australia Bank.
The branch offices involved in the transaction are located in Broken Bow, Burwell, Callaway, Columbus (2), Gothenburg, Grand Island (2), Holdrege (2), Lexington (3), McCook, North Platte (2), O’Neill, Omaha (9), Ord, Papillion and St. Paul, and three offices located in Council Bluffs, Iowa. Many of the branch offices being sold were acquired by TierOne in its 2004 acquisition of United Nebraska Bank. The remaining branches consist of other facilities the Bank has built or acquired.
The transaction, which is subject to regulatory approval and other customary closing conditions, is expected to be completed as soon as late 2009.
Under the terms of the agreement, Great Western Bank will assume approximately $1.1 billion in deposits. The bank will transfer or sell to Great Western Bank approximately $800. million in loans, $20. million in real estate and other assets and the balance in cash or securities less a $55.0 million deposit premium paid.
The sale will leave TierOne with its headquarters in Lincoln and a total of 37 branches in Nebraska, Iowa and Kansas. It will have about $2 billion in assets, or about the same size it was before the United Nebraska Bank acquisition. |
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Last Updated ( Wednesday, 16 September 2009 )
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Huskers.com
