The First National Bank of Chadron is merging with its sister charter Homestead Bank, Cozad, later this year. The pair of Nebraska banks are both held by C S B CO in Cozad and have shared ownership since 1990.
The move, which will happen by July 1, was prompted by economies of scale. “Even though we operate independently, we have shared resources behind the scene. Our operating systems and locally focused business cultures are identical,” said Steve Cleveland, president and CEO of First National. “This strategic decision has been in the works for some time. It just makes good sense to do it now.
Founded in 1887, the $142 million First National also has a branch in Ainsworth, Neb.
Founded in 1905, the $297 million Homestead Bank has branches in Lexington, St Paul, Wolbach, Albion, Schuyler, and Howells, Neb.
No personnel or management changes are planned.