The sun sets over the State Capital Building in Lincoln, Neb. The sun sets over the State Capital Building in Lincoln, Neb. (Source: Shutterstock)

While the $7.9 billion GreenState Credit Union in North Liberty, Iowa, says it will close on the acquisition of the $743 million Oxford Bank & Trust of Oak Brook, Ill. on Dec. 31, its proposed purchase of the $395 million Premier Bank of Omaha, Neb., is uncertain after bankers in that state urged regulators to reject the deal.

The Nebraska Bankers Association (NBA) opposed the position of Premier Bank that its sale to Iowa’s largest credit union should be approved because it is allowed by Nebraska’s so-called wildcard and cross-industry laws. But attorneys for the NBA argued that under those state laws, the deal should be nixed, according to a transcript, obtained by the CU Times, of a hearing held earlier this year by the Nebraska Department of Banking and Finance (NDBF) in Lincoln.

Peter Strozniak

 

Credit Union Times

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