An agreement has been reached for Cornerstone Bank to purchase The Tilden Bank and their two branches in Clearwater and Creighton.
Rudy Dittrich, Chairman, Gary Gunderson, President & CEO of The Tilden Bank, Kelly Holthus, Chairman, and Kris Holoch, President & CEO of Cornerstone Bank, announced the decision on Friday afternoon.
As of September 30, 2019, The Tilden Bank had total Assets of $84 million, Total Deposits of $73 million and Total Loans of $60 million. The purchase is subject to shareholder and regulatory approval with a closing date expected in the first quarter of 2021.
“Cornerstone Bank is very pleased to be a part of the Tilden, Clearwater and Creighton communities and to continue to expand its banking footprint to this rich agricultural area,” stated Holthus and Holoch. “We are proud to serve many smaller communities in Nebraska.”
“I want to thank our customers from Tilden, Clearwater, Creighton and the surrounding communities for their patronage and support to the bank over years,” said Dittrich. “The Tilden Bank is known for treating their customers as family and knowing that Cornerstone Bank is a family bank, I feel comfortable that our customers will be treated in the same manner.”
“Becoming a part of the Cornerstone family will benefit the customers. Cornerstone has a reputation for the community focused banking on which The Tilden Bank prides itself, and will provide additional financial services such as online account opening, online mortgage applications, trust and investment services, to name a few,” stated Gunderson.
Once the purchase closes, existing customers of the bank will have full access to Cornerstone’s branch locations, ATM network, and many other services.
Cornerstone Bank as of December 31, 2019, had $1.733 billion in Total Assets and with the acquisition of The Tilden Bank, will have 46 banking facilities in 37 communities along with 18 insurance agency locations. At the present time Cornerstone Bank has banking facilities in the following communities in Nebraska: Albion, Aurora, Bartlett, Beaver Lake, Bradshaw, Central City, Clay Center, Columbus, Davenport, Edgar, Franklin, Geneva, Glenvil, Grand Island, Guide Rock, Hampton, Harvard, Henderson, Hildreth, Marquette, Malmo, McCool Junction, Monroe, Murray, North Loup, Polk, Rising City, St. Edward, Shelton, Stromsburg, Sutton, Waco, Wilcox and York. Cornerstone Bank is owned by First York Ban Corp. of York, Nebraska.