MALMO – Les Kotera, CEO and president of Security Home Bank of Malmo, and Kelly Holthus, chairman of Cornerstone Bank in York, have announced an agreement has been reached for Cornerstone Bank to purchase the Security Home Bank of Malmo and the Malmo Insurance Agency.
As of June 30, Security Home Bank of Malmo had total assets of $38 million, total deposits of $25 million and total loans of $32 million. The purchase is subject to shareholder and regulatory approval with a closing date expected in the fourth quarter of 2019.
“Cornerstone Bank is very pleased to be a part of the Malmo community and expand its banking activities to this rich agricultural area,” said Holthus. “Cornerstone Bank has been committed to the agricultural sector of the economy and also in serving many smaller communities in east central Nebraska.”
“I, along with my family, want to thank our clients from Malmo and the surrounding communities, along with our agricultural farms for their patronage and support to the bank over the past 38 years,” said Kotera. “I believe that Cornerstone Bank will continue to provide the same small town environment and continued support to agricultural farmers in the years to come.”
Once the purchase closes, existing customers of the bank will have full access to Cornerstone’s branch locations, ATM network and many other services such as online and mobile banking.