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(10 percent) of the 20,000 shares of stock in Western National
Bank. Scottsbluff National Corp. owned 100 percent of the stock
of Scottsbluff National Bank.
6. Gering National Bank
Gering National Bank in Gering, Nebraska, was declared
insolvent by the Federal Deposit Insurance Corp. (FDIC) around
1986. The towns of Gering and Scottsbluff are adjacent.
On August 1, 1986, Scottsbluff National Bank absorbed the
Gering National Bank. Scottsbluff National Bank also acquired
the real estate, fixtures, and furniture of Gering National Bank
from the FDIC at the end of 1986. Scottsbluff National Bank paid
a $15,000 premium to the FDIC to acquire Gering National Bank,
which had total deposits of $65 million. Following the
acquisition, Gering National Bank's office became a branch office
of Scottsbluff National Bank. After it absorbed Gering National
Bank in 1986, Scottsbluff National Bank had about 120 employees.
7. Acquisition of Western National Bank by Scottsbluff National
Corp.
In October 1986, the board of directors of Scottsbluff
National Corp. approved a plan to acquire Western National Bank.
The plan was approved by the shareholders of both companies and
by the appropriate regulatory authorities between October 1986
and June 30, 1987. The two banks merged on July 1, 1987.
Western National Bank's shareholders received one share of
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