MURRAY – An announcement was made today that Cornerstone Bank has entered into an agreement to purchase Swedlund Management Company and its wholly-owned subsidiary, Murray State Bank. As of June 30, 2016, Murray State Bank had Total Assets of $47 million, with Total Deposits of $40 million and Total Loans of $27 million. The purchase is subject to regulatory approval with a closing date expected in the fourth quarter of 2016.
“Cornerstone Bank is very pleased to have the opportunity to expand into eastern Nebraska and acquire Murray State Bank; thereby, growing our banking operation into this rich agricultural region, as well as becoming a part of the suburban area,” stated Kelly Holthus, Chairman of Cornerstone Bank. “Cornerstone is committed to serving the smaller communities in the state, and this expansion fits well into our business plan.”
Holthus also mentioned that no personnel changes are expected.
Larry Swedlund, President and CEO of Murray State Bank, has owned and operated the bank for 42 years. He has known Kelly Holthus for many years and appreciates the way Cornerstone Bank treats its customers, employees and the communities it serves. Swedlund, who will retire upon completion of the sale, said that Cornerstone brings to Cass County large bank strength with small town and rural banking expertise.
As of June 30, 2016, Cornerstone Bank had $1.5 billion in Total Assets and with the acquisition of Murray State Bank; Cornerstone will have 40 banking branches in 31 communities. Other communities include: Albion, Aurora, Bartlett, Bradshaw, Central City, Clay Center, Columbus, Edgar, Davenport, Geneva, Glenvil, Grand Island, Guide Rock, Hampton, Harvard, Henderson, Hildreth, Marquette, McCool Junction, Monroe, North Loup, Polk, Rising City, Shelton, St. Edward, Stromsburg, Sutton, Waco, Wilcox and York. Cornerstone Bank is owned by First York Ban Corp. of York.