York, Neb.-based Cornerstone Bank applied with the Federal Reserve Bank of Kansas City to merge with in-state peer Franklin State Bank, according to a Federal Reserve release.
First York Ban Corp., the holding company of Cornerstone Bank, will acquire 100% of the voting shares of Franklin State Bancshares Inc.
For reference, SNL valuations for bank and thrift targets in the Midwest region between Aug. 31, 2017, and Aug. 31, 2018, averaged 158.72% of book, 165.28% of tangible book and had a median of 20.50x last-12-months earnings, on an aggregate basis.
First York Ban Corp. will expand in Franklin County, Neb., by one branch to be ranked first with a 55.33% share of approximately $102.84 million in total market deposits.
As of June 30, Cornerstone Bank had $1.58 billion in assets, while Franklin State Bank had $45.9 million in assets, according to S&P Global Market Intelligence data.