DAVENPORT – Robert Butler, Chairman of Frontier Bank of Davenport, Nebraska and Kelly Holthus, President of Cornerstone Bank in York, Nebraska announced today an agreement has been reached for Cornerstone Bank to purchase Frontier Bank of Davenport. As of December 31, 2011, Frontier Bank of Davenport had total assets of $23 million with deposits of $19 million and loans of $12 million. The purchase is subject to shareholder and regulatory approval with a closing date expected in the second quarter of 2012.
Kelly Holthus stated Cornerstone Bank is very pleased to be a part of the Davenport Community and extend its banking activities into the rich agricultural area of Thayer County, Nebraska. Cornerstone has long been committed to the agricultural sector of the economy and also in serving many smaller communities in east central Nebraska.
David Bondegard, who is presently Manager of the Clay Center Branch of Cornerstone Bank, will also assume additional duties as Manager of the Davenport Facility. No personnel changes are expected, except that Jake Voss, who is currently President of the bank, will continue his employment with Frontier Holdings, LLC at another location.
Bob Butler, Chairman, thanked the employees of the bank for their many years of outstanding and loyal service. He is pleased to announce Cornerstone Bank intends to retain all of the bank’s remaining staff. He expressed his appreciation to the bank’s board of directors and to the broader Davenport community for their many years of support. Given Cornerstone’s depth and focus in serving smaller communities in central Nebraska, Mr. Butler shared his confidence that Cornerstone Bank will be an excellent steward for Frontier Bank’s customers and the broader community of Davenport. Once the purchase closes, existing customers of the bank will have full access to Cornerstone’s branch locations, ATM network, and many other services such as online banking.
Cornerstone Bank as of December 31, 2011, had $1.1 billion in assets and with the acquisition of Frontier Bank of Davenport, Cornerstone will have 32 banking facilities in 23 communities along with 12 insurance locations. At the present time Cornerstone Bank has banking facilities in the following communities in Nebraska: Albion, Aurora, Bartlett, Bradshaw, Central City, Clay Center, Columbus, Geneva, Grand Island, Hampton, Harvard, Henderson, McCool Junction, Monroe, Polk, Rising City, St. Edward, Shelton, Stromsburg, Sutton, Waco and York.
Cornerstone Bank is owned by First York Ban Corp. of York, Nebraska.