Bank Ownership Announces Plan to Merge

David Scott, Chairman of the Board for both Centennial Bank and Omaha State Bank, is pleased to announce the intended merger of these two entities. The union will create synergy between the two banks, and expand the reach and resources of both banks while providing greater operational efficiencies and customer service.

The merging of these two organizations is truly exciting. Centennial Bank and Omaha State Bank have shared majority ownership, tremendous market position, and very complementary services.

John Sorrell, President and CEO of Centennial Bank, has been providing interim leadership to Omaha State Bank since December, 2012. He will assume the role of President and CEO of the combined entities upon completion of the merger.

Centennial Bank and Omaha State Bank were founded in 1977 and 1972 respectively, and had $81 million and $271 million in assets as of December 31, 2012. Together, the combined banks will have a strong competitive advantage of capitalization, strength of ownership, and industry expertise.

This venture is a great opportunity for us to provide our customers with enhanced products and services and unparalleled excellence in banking. Our teams are committed to executing a smooth transition, and maintaining a high focus on customer relationships. We look forward to building on each organization’s unique strengths, identifying and integrating best practices, and focusing on the common goal of supporting customer needs.

The merger is subject to receipt of all necessary regulatory and shareholder approvals. Full integration of operations of the banks will be thorough and efficient, and we will be diligent to provide open communication to our customers and the community throughout the process.

Stay tuned for future updates on our progress!