York, Neb.-based Cornerstone Bank agreed to acquire Malmo, Neb.-based Security Home Bank and Malmo Insurance Agency, the York News-Times reported.
The financial terms of the transaction were not disclosed in the report. The deal is expected to close in the fourth quarter.
S&P Global Market Intelligence valuations for bank and thrift targets in the Midwest region between Sep. 3, 2018, and Sep. 3, 2019, averaged 155.35% of book and 159.48% of tangible book and had a median of 21.41x last-12-months earnings, on an aggregate basis.
Cornerstone Bank's parent, First York Ban Corp., will enter Saunders County, Neb., with one branch to be ranked 10th with a 3.92% share of approximately $628.68 million in total market deposits.
As of the end of June, Cornerstone Bank had total assets of about $1.64 billion, while Security Home Bank had $38 million in total assets, according to the report.
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