SCOTTSBLUFF — Hod Kosman, president/chairman/CEO of Platte Valley Bank - Nebraska, a subsidiary of Platte Valley Financial Service Companies, Inc announced Friday that the bank has entered into a definitive agreement to acquire The American Bank of Sidney.
The acquisition agreement, which has been approved by the Boards of Directors of Platte Valley Bank and American Bank of Sidney, is subject to approval of bank regulators as well as the satisfaction of agreed upon contract terms and conditions. Platte Valley Bank will acquire all deposits, loans, and the full service location and motor bank in Sidney. All 17 employees of American Bank of Sidney will retain their employment with Platte Valley Bank.
In a press release, Kosman said, “We are pleased to add this community to our Platte Valley Bank operations and we are excited to continue delivering the exceptional customer service that the customers of American Bank of Sidney have always received. American Bank of Sidney has a long and rich history of serving the people of Sidney and Cheyenne County, Nebraska and a history of strong financial performance. We are enthusiastic for the opportunity to grow and show our commitment and dedication to the people of Sidney and Cheyenne County.”
American Bank of Sidney’s President Mike Leininger said, “We are embracing this opportunity, as it allows our employees to be part of a growing community bank where they will be active participants in continuing to serve our customers. We are excited to have found an organization that shares our values and customer service philosophy. I anticipate this being a very easy transition for our customers, one which will provide them with the technological banking conveniences that come with being part of a larger community bank. Platte Valley Companies has shown it is deeply committed to the success of the communities they serve, and we are excited to have an organization of this stature making such a significant long-term investment in Sidney.”
The two companies announced the signing of the definitive agreement to their employees on Friday, June 22. Both companies are currently working toward a closing date within the third quarter of 2018. Although American Bank of Sidney will merge with Platte Valley Bank at the closing, the full service and motor location in Sidney will continue to use the trade name “The American Bank of Sidney, Nebraska” until conversion of bank systems, which is currently anticipated in early 2019. Customers will not have any changes to their accounts and can continue using all checks, deposit slips, and debit cards as usual. After closing, Platte Valley Companies will have total banking assets of approximately $1.25 Billion with twenty one full-service locations serving fourteen communities in the Nebraska Panhandle, southeastern Wyoming and northern Colorado.