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Nebraska-based Security State Bank to acquire Metropolitan Building & Loan

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Nebraska-based Security State Bank to acquire Metropolitan Building & Loan

Ansley, Neb.-based Security State Bank is looking to acquire Omaha, Neb.-basedMetropolitan Building & Loan Association,according to an interagency Bank Merger Act application recently obtained by SNL.

The acquisition covers deposit and loan accountsof Metropolitan, as well as the operation of its main office.

Security State's affiliate, The Insurance Center,will continue its insurance activities and may have a presence in the branch.The buyer has no plans to raise additional equity or incur debt.

The application, filed April 14, further disclosedthat Metropolitan President and CEO Ralph Brown Jr. will become an employee butnot have a management role, at Security State. Directors and senior executives willremain the same for Security State.

Security State Bank, a unit of , had total assets of $192.9million, as of Dec. 31, 2015, according to SNL data.