Cornerstone Bank in York, Neb., has agreed to buy Bank of Orchard in Nebraska.
The $2.7 billion-asset Cornerstone said in a press release that it expects to buy the $35 million-asset Bank of Orchard in the fourth quarter. The price wasn’t disclosed.
Bank of Orchard has $30 million of deposits and $9 million of loans.
“We are committed to the agricultural sector of the economy and serving many smaller communities in Nebraska,” Zac Holoch, Cornerstone’s president and CEO, and Kelly Holthus, the bank’s chairman, said in the release. “We feel this purchase will be a further enhancement to expand our banking footprint.”
Cornerstone will introduce new products to Bank of Orchard, including online account opening, online mortgage applications and trust and investment services.