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Nebraska's First State to acquire Wallco, Nehawka Bank

Lincoln, Neb.-based First State Holding Co. plans to acquire Wallco Inc. and subsidiary Nehawka Bank, according to a list of filings received by the Federal Reserve Bank of Kansas City in the week ended Dec. 23.

The deal is expected to close in the first quarter of 2018, pending regulatory approvals, according to a press release. Nehawka Bank employees have been offered continued employment.

According to SNL data, First State Holding Co. would enter Cass County, Neb., with two branches to be ranked ninth with a 3.43% share of approximately $388.41 million in total market deposits.

First State is the parent company of First State Bank Nebraska, which had $478.2 million in assets as of Sept. 30. Nehawka, Neb.-based Nehawka Bank had $15.2 million in assets.

In October, the FDIC disclosed that First State Bank Nebraska was among the bidders for the failed Farmers and Merchants State Bank of Argonia.

SNL valuations for bank and thrift targets in the Midwest region between Dec. 13, 2016, and Dec. 13, 2017, averaged 158.61% of book and 164.02% of tangible book and had a median of 20.60x last-12-months earnings, on an aggregate basis.

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