First National Bank of Omaha is acquiring Wyoming-based Western States Bank. The move by First National Bank of Omaha, also known as FNBO, will see the major bank and lender increase its footprint in the Rocky Mountain region, including new branches in Laramie and Cheyenne, Wyoming. Here’s everything you need to know about FNBO and its acquisition of Western States Bank.
First National Bank of Omaha to Purchase Western States Bank
The deal, subject to regulatory approval, would see FNBO acquire Western States BanCorporation and its wholly-owned subsidiary Western States Bank which is headquartered in Laramie, Wyoming. Western States Bank currently operates ten branches in northeastern Colorado, western Nebraska, and southeastern Wyoming. It reported having $542 million in total assets, $486 million in deposits, and nearly 100 employees. FNBO expects the deal to close in early 2022.
“We are extremely excited to welcome Western States’ customers and colleagues to First National Bank of Omaha,” FNBO president Clark Lauritzen said in a statement. “Western States has a proud history and an excellent reputation, plus it shares our values and commitment to the community. We’re thrilled about this opportunity to grow and continue to serve customers in Colorado and Nebraska markets where we operate today while introducing ourselves to new customers in the vibrant Wyoming communities of Laramie and Cheyenne.”
FNBO is one of the largest regional banks in the United States, with over $25 billion in total assets and nearly 100 branches in seven states, including Colorado, Nebraska, Iowa, Illinois, Texas, South Dakota, and Kansas. The bank also issues co-branded credit cards through its First Bankcard subsidiary, with prominent names to use its credit card platform, including Icelandair, Ford, Jeep, Best Western, MGM, and more.
FNBO also recently launched a new Buy Now, Pay Later (BNPL) service. Slice by FNBO, as the service is known, is a “pay in five” program, with eligible customers making one payment up-front, followed by four payments every 15 days. Slice by FNBO was launched with EXL, a data analytics company, and Skeps, a point-of-sale loan origination platform.
Related Article: TD Bank Merry Money Survey
Featured image by 12019/PixaBay