Nebraska Insurance Agencies Merge as a Result of Bank Acquisition

Nebraska-based Harvard State Insurance Agency will merge into Cornerstone Insurance Group as a result of Cornerstone Bank’s acquisition of Harvard State Bank.

Cornerstone president and chief executive Kelly Holthus said the purchase was completed April 1.

Holthus would not provide financial details. The southeast Nebraska banks are both privately held.

Harvard State Bank employees will be retained.

Cornerstone Bank reported assets of nearly $860 million on Dec. 31 to the Federal Deposit Insurance Corp. Harvard reported assets of $39.7 million.

With the acquisition, Cornerstone has 30 banking facilities in 21 communities and 11 insurance agencies in the 11 counties it serves.

Topics Mergers & Acquisitions Agencies