SIOUX FALLS, SD, (September 4, 2009) – Great Western Bank today announced that it has signed an agreement to acquire deposits, selected loans and other assets associated with 32 TierOne Bank branches in Nebraska and Iowa for a net premium of approximately $39m.
TierOne Bank is a subsidiary of TierOne Corporation, based in Lincoln, Nebraska. The transaction is subject to regulatory approvals and is anticipated to close in late 2009.
The agreement involves the acquisition of TierOne branches in Nebraska and Western Iowa including the communities of Broken Bow, Burwell, Callaway, Columbus (2), Council Bluffs (3), Gothenburg, Grand Island (2), Holdrege (2), Lexington (3), McCook, North Platte (2), Omaha (9), O’Neill, Ord, Papillion and St. Paul.
Under the terms of this transaction, Great Western Bank will acquire 32 branches with approximately $800 million in selected loans and $1.1 billion in deposits.
The transaction will significantly enhance Great Western Bank’s position in Nebraska and Western Iowa. “The acquisition will offer customers enhanced service opportunities and convenience,” explained Great Western Bank’s President and CEO, Jeff Erickson. “The addition of these branches is consistent with our strategic growth plans both in the Omaha metro area and in Nebraska. Our new customers will find our product and service offerings among the most competitive in the region and our existing customers will enjoy several more convenient locations to choose from.”
“This expansion opportunity fits well with our strategy and enhances our presence and demonstrates our commitment to our communities in the Greater Omaha Area,” continued Erickson. “Today, Great Western Bank has 20 locations in the Omaha area and with the TierOne branches included; there will be approximately 32 locations for customers to do their business.”
On closing of the acquisition, Great Western Bank will have assets of approximately $6.5 billion, with 157 locations serving 89 communities throughout Nebraska, Iowa, Arizona, Colorado, Kansas, Missouri and South Dakota.
About Great Western Bank
Great Western Bank is a high-performing, community bank with over 1,000 employees. Great Western Bank’s parent company, National Australia Bank Limited (NAB), is an international AA rated financial services organization that provides a comprehensive and integrated range of financial products and services. NAB’s portfolio of businesses includes Great Western Bank in the US, NAB in Australia, BNZ in New Zealand, Clydesdale and Yorkshire Banks in the UK. NAB has more than 10 million customers, nearly 40,000 employees, over 400,000 shareholders and total assets of $540 billion.