In Nebraska, York-based Cornerstone Bank agreed to acquire the assets of Hildreth-basedState Bank ofHildreth, according to a news release posted on Cornerstone Bank'swebsite.
Terms of the deal were not disclosed. Thetransaction is expected to close in the third quarter, subject to shareholderand regulatory approvals.
State Bank of Hildreth, a unit of , had totalassets of $31 million as of June 30, with total deposits of $26 million andtotal loans of $22 million.
SNLvaluations for bank and thrift targets in the Midwest region between July 18,2015, and July 18, 2016, averaged 131.42% of book, 135.12% of tangible book andhad a median of 18.69x last-12-months earnings, on an aggregate basis.
Cornerstone Bank, a subsidiary of , hasapproximately $1.5 billion in total assets. With the completion of the deal,Cornerstone Bank will have 39 branches in 30 communities.
Datacompiled by SNL also shows that First York Ban Corp. will enter FranklinCounty, Neb., with one branch to be ranked third with a 23.90% share ofapproximately $110.22 million in total market deposits.
Upon deal completion, Matt Mundorf, president and CEO ofState Bank of Hildreth, will serve as manager of the Hildreth branch. No otherpersonnel changes are expected, according to the news release.