Independent Banker - February 2022 - 11
NEWS
Regulator rejects credit union acquisition of community bank
A Nebraska banking regulatory
agency blocked a credit union
purchase of a community bank,
furthering an industry dialogue on the
merits of tax-exempt entities' pursuit
of taxpaying community banks.
Under its ruling, the Nebraska
Department of Banking and Finance
rejected the request by $7.9 billionasset
GreenState Credit Union,
which is based in North Liberty,
Iowa, to purchase Premier Bank in
Omaha, Neb., valued at $395 million.
The state agency based its ruling on
two factors:
1. Cross-industry acquisitions or
mergers may only be carried out
by chartered financial institutions
licensed to do business in
Nebraska, which GreenState is not.
2. Premier Bank did not demonstrate,
under federal law, that it would
have sold the entirety of its assets
as part of the proposed sale, which
would have ended the business of
banking, not continue it.
The application denial dovetails with
ICBA's long-standing position against
attempts by tax-exempt credit unions
to acquire taxpaying community
banks. ICBA has called on Congress to
investigate such proposals in addition
to how credit unions are taxed and
regulated by the government.
Though GreenState was granted
30 days to appeal the decision, the
credit union, among others, has
been successful in its purchase of
other community banks.
QUICK STAT
15
Number of community
banks acquired by credit
unions in 2020
Source: ICBA analysis of Standard & Poor's data
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Independent Banker - February 2022
Table of Contents for the Digital Edition of Independent Banker - February 2022
Table of Contents
Independent Banker - February 2022 - Intro
Independent Banker - February 2022 - Cover1
Independent Banker - February 2022 - Cover2
Independent Banker - February 2022 - Table of Contents
Independent Banker - February 2022 - 2
Independent Banker - February 2022 - 3
Independent Banker - February 2022 - 4
Independent Banker - February 2022 - 5
Independent Banker - February 2022 - 6
Independent Banker - February 2022 - 7
Independent Banker - February 2022 - 8
Independent Banker - February 2022 - 9
Independent Banker - February 2022 - 10
Independent Banker - February 2022 - 11
Independent Banker - February 2022 - 12
Independent Banker - February 2022 - 13
Independent Banker - February 2022 - 14
Independent Banker - February 2022 - 15
Independent Banker - February 2022 - 16
Independent Banker - February 2022 - 17
Independent Banker - February 2022 - 18
Independent Banker - February 2022 - 19
Independent Banker - February 2022 - 20
Independent Banker - February 2022 - 21
Independent Banker - February 2022 - 22
Independent Banker - February 2022 - 23
Independent Banker - February 2022 - 24
Independent Banker - February 2022 - 25
Independent Banker - February 2022 - 26
Independent Banker - February 2022 - 27
Independent Banker - February 2022 - 28
Independent Banker - February 2022 - 29
Independent Banker - February 2022 - 30
Independent Banker - February 2022 - 31
Independent Banker - February 2022 - 32
Independent Banker - February 2022 - 33
Independent Banker - February 2022 - 34
Independent Banker - February 2022 - 35
Independent Banker - February 2022 - 36
Independent Banker - February 2022 - 37
Independent Banker - February 2022 - 38
Independent Banker - February 2022 - 39
Independent Banker - February 2022 - 40
Independent Banker - February 2022 - 41
Independent Banker - February 2022 - 42
Independent Banker - February 2022 - 43
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Independent Banker - February 2022 - 45
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Independent Banker - February 2022 - 49
Independent Banker - February 2022 - 50
Independent Banker - February 2022 - 51
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Independent Banker - February 2022 - 53
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Independent Banker - February 2022 - 55
Independent Banker - February 2022 - 56
Independent Banker - February 2022 - 57
Independent Banker - February 2022 - 58
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Independent Banker - February 2022 - 60
Independent Banker - February 2022 - 61
Independent Banker - February 2022 - 62
Independent Banker - February 2022 - 63
Independent Banker - February 2022 - 64
Independent Banker - February 2022 - 65
Independent Banker - February 2022 - 66
Independent Banker - February 2022 - 67
Independent Banker - February 2022 - 68
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Independent Banker - February 2022 - 74
Independent Banker - February 2022 - 75
Independent Banker - February 2022 - 76
Independent Banker - February 2022 - Cover3
Independent Banker - February 2022 - Cover4
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