Two Nebraska mutuals that share a name, Home Federal Savings and Loan Association, have agreed to merge.

The $230 million-asset Home Federal Savings and Loan Association of Grand Island and the $55 million-asset Home Federal Savings & Loan Association of Nebraska in Lexington did not disclose any financial terms.

The new mutual will operate with the Home Federal Savings & Loan Association of Grand Island name and charter.

The mutuals said in a press release that they are combining to offer customers "a wider range of financial products and services with additional locations, while also more cost-effectively enhancing its information security, compliance and risk management systems."

Home Federal in Grand Island has three branches in Grand Island. Home Federal of Nebraska has four branches in Lexington, Hastings, Holdrege and Superior.

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