Les Kotera, CEO & President of Security Home Bank of Malmo, Nebraska, and Kelly Holthus, Chairman of Cornerstone Bank in York, Nebraska, announced last week an agreement has been reached for Cornerstone Bank to purchase the Security Home Bank of Malmo and the Malmo Insurance Agency.
As of June 30, 2019, Security Home Bank of Malmo had total Assets of $38 million, total deposits of $25 million and total loans of $32 million. The purchase is subject to shareholder and regulatory approval with a closing date expected in the fourth quarter of 2019.
“Cornerstone Bank is very pleased to be a part of the Malmo community and expand its banking activities to this rich agricultural area,” stated Holthus. “Cornerstone Bank has been committed to the agricultural sector of the economy and also in serving many smaller communities in East Central Nebraska.”
“I, along with my family, want to thank our clients from Malmo and the surrounding communities, along with our agricultural farms for their patronage and support to the bank over the past 38 years,” said Kotera. “I believe that Cornerstone Bank will continue to provide the same small town environment and continued support to agricultural farmers in the years to come.”
Once the purchase closes, existing customers of the bank will have full access to Cornerstone’s branch locations, ATM network, and many other services such as online and mobile banking.
Cornerstone Bank as of June 30, 2019, had $1.644 billion in Total Assets and with the acquisition of the Security Home Bank, will have 43 banking facilities in 34 communities along with 18 insurance agency locations. At the present time Cornerstone Bank has banking facilities in the following communities in Nebraska: Albion, Aurora, Bartlett, Beaver Lake, Bradshaw, Central City, Clay Center, Columbus, Davenport, Edgar, Franklin, Geneva, Glenvil, Grand Island, Guide Rock, Hampton, Harvard, Henderson, Hildreth, Marquette, McCool Junction, Monroe, Murray, North Loup, Polk, Rising City, St. Edward, Shelton, Stromsburg, Sutton, Waco, Wilcox and York. Cornerstone Bank is owned by First York Ban Corp. of York, Nebraska.
Cornerstone announces promotion
The Board of Directors of Cornerstone Bank announced the appointment of the following officer of the bank at their recent meeting:
John Storsteen, who has been serving as Compliance Officer and Assistant CRA Officer since June, 2018, was named Assistant Vice-President/Compliance & Assistant CRA Officer for Cornerstone Bank in York.
Storsteen is a native of South Dakota and received his Bachelor of Science Degree in business economics from South Dakota State University in 1997. He has been in the banking industry for the past eighteen years, most recently in Brookings, South Dakota. During his banking career, he has worked in audit and compliance at the three banks where he was employed.
Storsteen resides in McCool Junction and is an avid sportsman and outdoorsman.
What the heck?
Did everyone that lives in the Lincoln area go west for the Labor Day weekend. Linda and I were coming back from Ohio on Monday evening and hit Lincoln about sunset. Once we got on Interstate 80 heading west, there was a steady stream of eastbound vehicles from Lincoln all the way to the York exit. Both lanes.
I don’t know if it was State Fair traffic, Labor Day traffic or what. All I know is there were about 500 vehicles for every mile heading east.
We had to head out last week to help young Master Colton Gallagher celebrate his upcoming 3rd birthday with a party on Sunday evening. Along with spending time with his parents of course and Maddie who is about 15 months old now.
We got there early enough last week to babysit the kids for a day or so while their parents went to work. As we age, it’s easy to forget just how much energy the young ones have. All I know is that I now have a great understanding of Bingo and Rolly who head up the Puppy Dog Pals series on Disney TV.
We also spent some time last Saturday evening at AltarFest which is a big fundraiser for the high school that son-in-law Stephen attended. Thousands of people, carnival rides, adult beverages, gambling tents and food and more food is what we found there. I believe it was the first time I ever had a pork chop sandwich with the bone in and everything.
It was also where Colton fell in love with the “Big Slide”. You know, the big slide where you climb up and slide down on a gunny sack. By the end of the evening, he was getting rock star treatment where they would just let him back in without exiting the fence.
I’m pretty sure he thought it was just like the park where you just go down and up and around and down again for about 40 times. I’m not sure he grasped the ticket concept where Grandpa was forking the bill. But that’s what grandkids are for right? Spoil the heck out of them and turn them back over to the parents.
As usual, the time goes by too fast and one must return to our regular lives. It’s the way it should be. You know what they say about relatives that stay around too long. They are kind of like fish. After four or five days, they start to stink.