The District Court of Lancaster County dealt another blow to an out-of-state credit union’s plan to purchase a tax-paying Nebraska bank. Nebraska District Court Judge Ryan Post affirmed the Nebraska Department of Banking and Finance's 2021 denial of the application filed by Premier Bank, wherein GreenState Credit Union would have acquired the bank’s entire operation.
GreenState Credit Union (formerly the University of Iowa Credit Union) last summer announced plans to purchase Premier Bank, with locations in Omaha and Nebraska City. Premier Bank initially argued that its application should be approved under the cross-industry merger/acquisition statute or the Nebraska “wild-card” statute. The NDBF denied the application. On appeal, Judge Post agreed with the NDBF, stating that the “wild-card” statute does not grant Premier Bank the authority to sell substantially all of its assets to a credit union, which would result in the bank going out of business.
Your NBA legal team (Bob Hallstrom, Jerry Stilmock, and Ryan McIntosh), together with the Attorney General’s office, representing the NDBF, presented oral arguments in the matter in early May. Premier Bank may appeal the decision to the Nebraska Court of Appeals.
Your NBA team will continue to aggressively work to level the playing field between tax-subsidized credit unions and Nebraska banks.
Uncertain times like these call for time-tested actions. In 2022, the NBA's Political Action Committee (NBA BankPAC) is certainly the time-tested tool we need in our fight against damaging legislative proposals.
You may already support local, state, and national candidates with your individual financial contributions. That’s great, but consider the impact that financial support from thousands of Nebraska bankers can have through NBA BankPAC. Candidates understand the depth of that support because it comes from thousands of bankers across Nebraska. See the list of General Election candidates supported by NBA BankPAC here.
Your bank can get involved by running an internal BankPAC campaign.
There are four simple steps:
Ideas to Celebrate Success
Be creative. Send in your pictures to the NBA!
Two years after the program's launch on July 1, 2020, the Single Bank Pooled Collateral program (SBPC) continues to add bank participants and public depositors. The 20 banks participating in the program represent 286 public depositors with $1.7 billion in deposits. The market value of the pledged instruments is $1.9 billion.
Participating banks enjoy the efficiency gained through their involvement with the SBPC Program rather than utilizing the traditional method of pledging collateral.
“The program is easy to use and understand. The program administrator is quick with responses to both questions as well as collateral changes. Utilizing the program has allowed us to pledge less bonds as we only have one account with excess pledging to (the pool) as compared to excess pledging to each individual public depositor. This allows us to have a stronger liquidity position.”
Jami Schmidt, CFO
Henderson State Bank (Henderson)
“We are very happy to be a part of the Single Bank Pooled Collateral program. It has provided an opportunity to make better use of our available pledging sources to cover the group of entities. The entities have also benefited by reduced administrative time, not having to sign off on releases or worry about making sure fluctuations are covered. Both the Bank and entities value the additional monitoring and centralized reporting.”
Aleyse Schroder, Finance Officer
NebraskaLand Bank (North Platte)
“Once you see how this works with the oversight of two entities it is a very simple decision that every school district in Nebraska should be involved in this program. It gives you the peace of mind to know that your public funds are always secure.”
Chester “Chip” Kay, Director of Business Operations
Columbus Public Schools
Hear more perspectives on the program in this video.
To learn how your bank can experience the benefits of the SBPC Program, visit the SBPC website or contact NBISCO Program Administrator Misty (Stoner) Rushing, at NEPooledCollateral@nebankers.org or 402-904-7060.
NBA Hosts Black-Owned Business Event
Today, the NBA hosted the Ways to Better Finance Black-Owned Businesses Workshop at The Venue at Highlander in North Omaha.
Thank you to Christi Ballard, founder of Status, and DaShawn McGary, founder of Divine Living, for sharing their perspectives as Black business owners and to Ashlei Spivey with U.S. Bank for moderating the panel.
Leslie Andersen, i3 Bank (Bennington); Kathryn Barker, Core Bank (Omaha); Adrian Hernandez, Dundee Bank (Omaha); and Miriam Midzi, FNBO (Omaha) shared bank perspectives on funding small business loans.
Dan Hoffman, Invest Nebraska; Jim Reiff, Nebraska Enterprise Fund; and Malinda Williams, Omaha 100, Inc. discussed small business credit alternatives.
NBA President and CEO Richard Baier said the session is the start of the dialogue and better understanding between banks and Black and Brown business owners.
Since the NBA Banking Careers Job Board was launched last July, over 18,000 visits to the site have resulted in more than 43,000 page views. The majority of visits came from Nebraska, with Kansas and South Dakota in second and third, respectively. People in every state except Alaska and Nevada have viewed the site! NBA members have posted over 600 positions.
The job board is part of an ongoing effort to retain and attract the best and brightest to Nebraska's banking industry. It is a free, easy way for NBA members and associate members to advertise their job openings.
For more information, contact Laurie Johnson at the NBA at firstname.lastname@example.org or 402-474-1555.
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