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Scottsbluff National Corp. stock for each 3.3 shares of Western
National Bank stock.
Western National Bank's main office became a branch office
of Scottsbluff National Bank, and the branch office of Western
National Bank was closed. As a result of the merger, about 20
employees of Western National Bank became employees of
Scottsbluff National Bank.
8. Nebraska Economy
a. Statewide
From late 1986 to early 1987, the Nebraska economy was fair
to poor. The State's economy grew more slowly than the nation's
economy because of low prices for agricultural commodities
produced in Nebraska. The average per-acre value of farm land in
Nebraska fell from $730 in 1982 to $335 in 1987, a decline of 54
percent over 5 years.
b. Northwestern Nebraska
From 1984 to 1986, per capita income rose 11.61 percent for
the country and 8.72 percent in northwestern Nebraska (which
includes Scottsbluff). From 1980 to 1986, total receipts for
farm products in northwestern Nebraska decreased 11.2 percent
before adjustment for inflation.
Business conditions were poor in northwestern Nebraska
during the middle 1980's. During 1986 and 1987, uncertainty over
whether the Chicago & Northwestern R.R. Co.'s railway line would
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