First National Bank has agreed to buy City National Bancshares in a deal between Nebraska banks.
First National, which is based in Ord, and City National Bancshares in Greeley have already received approvals from shareholders and the Office of the Comptroller of the Currency. The banks expect a green light from the Federal Reserve Board next month, says Donald Blaha, the president of BBJ, the holding company for First National Bank.
First National Bank will keep open City National’s only branch and will retain all of its employees, Blaha says. First National will have about $119 million in assets once it completes the acquisition. The banks did not disclose how much First National will pay for City National.
Both banks are heavily involved in agricultural lending. About 30% of First National’s $51 million loan book involves ag loans. More than a third of City National’s loans involve agriculture.
Both companies are well-capitalized.
