Fullerton, Neb.-based Fullerton National Bank is merging with Sidney, Neb.-based Points West Community Bank in a deal that would result in a combined company of more than $400 million in assets, the Sidney (Neb.) Sun-Telegraph reported on Sept. 29.
Under the deal, Fullerton National will become a member of Points West's Nebraska and Wyoming banks, the publication wrote. No layoffs are expected in connection with the merger.
SNL valuations for bank and thrift targets in the Midwest region between Sept. 29, 2016, and Sept. 29, 2017, averaged 149.59% of book, 154.59% of tangible book and had a median of 19.76x last-12-months earnings, on an aggregate basis.
Points West President Bruce Batt told the Sun-Telegraph that the two are affiliate banks with the Olson family being the majority shareholders. Points West will enter Nance County, Neb., with one branch to be ranked third with a 23.98% share of approximately $123.5 million in total market deposits.
As of June 30, First Nebraska Bancs Inc. unit Points West had $355.1 million in assets, while Woodstock Land and Cattle Co. unit Fullerton National had $45.4 million in assets.
The deal, which is subject to regulatory approval, is expected to close by the end of 2017, the news outlet added.
SNL is an offering of S&P Global Market Intelligence.