SIOUX FALLS, SD (June 4, 2010) – Great Western Bank today announced that it has reached an agreement with the FDIC to acquire TierOne Bank branches in Nebraska, Iowa and Kansas.
Communities in Nebraska include: Albion, Alliance, Auburn, Beatrice, Bloomfield, Broken Bow, Burwell, Callaway, Columbus (2), Crete, Fairbury, Falls City, Fremont, Gering, Gothenburg, Grand Island (2), Hastings, Hebron, Holdrege (2), Humboldt, Kearney, Lexington (3), Lincoln (10), McCook, Nebraska City, Norfolk, North Platte (2), Omaha (9), O’Neill, Ord, Papillion, Scottsbluff, Sidney, St. Paul, Tecumseh and Wahoo. Iowa communities include Atlantic, Clarinda, Council Bluffs (3), Glenwood, Missouri Valley, Red Oak, Shenandoah and Marysville in Kansas.
The acquisition includes all of TierOne’s approximately $1.9 billion in deposits and $1.9 billion in loans, of which $1.7 billion is covered under a loss share agreement whereby the FDIC absorbs 80% of credit losses arising on the loan portfolio and related assets.
Jeff Erickson, President and CEO of Great Western Bank, indicated, “We’re excited to bring TierOne customers into the Great Western Bank family. Great Western has a long heritage of strong and prudent banking practices that will benefit the TierOne customer base. Our new customers will also enjoy a competitive product line, more than 200 convenient locations to choose from and over 20,000 surcharge-free ATMs."
The transaction will significantly enhance Great Western Bank’s position across Nebraska and Iowa. “This expansion opportunity fits well with our strategy, enhances our presence and demonstrates our commitment to our communities in the Greater Omaha Area and across the states of Nebraska and Iowa. The acquisition also expands our distribution of agribusiness products in some of the strongest agricultural areas in the Midwest,” continued Erickson. “With the TierOne addition, there will be 59 locations across Nebraska. Iowa will also grow its footprint to 52 branches for customers to do their business.”
Upon closing of the acquisition, Great Western Bank will have assets of approximately $8 billion with 204 locations in seven states including Nebraska, Iowa, Kansas, Arizona, Colorado, Missouri and South Dakota.
About Great Western Bank
Great Western Bank is a high-performing community bank with over $8 billion in assets. 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 and 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 over $540 billion.