GreenState Credit Union President and CEO Jeff Disterhoft recently announced that its board of directors is terminating the proposed acquisition of Premier Bank.

In May of 2021, Premier Bank filed an application to sell substantially all of its assets to GreenState. At the direction of the NBA Board of Directors, the NBA objected to the sale. Late last year the Nebraska Department of Banking and Finance denied the application. Premier appealed the Department's decision to the Lancaster County District Court which recently affirmed the Department's Order. The time to appeal the District Court decision expired on Monday, Aug. 29, effectively blocking the proposed acquisition.

The NBA will continue to fight any expansion efforts by the tax-subsidized credit union industry.

The NBA recently submitted comments in response to the proposed changes to the Community Reinvestment Act (CRA). 

Specifically, the NBA’s letter called for:

• Reducing the burden on small banks
• Increasing community development activity transparency
• Eliminating the proposed large bank retail lending assessment areas
• Modifying the retail lending test
• Updating small business and farm definitions
• Extending CRA requirements to credit unions and other financial service providers
• Lengthening the implementation period. 

The NBA also joined the American Bankers Association (ABA) and 50 other state banking associations in a comment letter. The groups noted several proposed changes are contrary to the objectives of regulatory modernization.