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Commerce Bankshares, Inc. (First Commerce), which owned National
Bank of Commerce in Lincoln (the fifth largest bank).
Petitioner's expert rejected using Norwest Corp. as a
comparable because it was large and owned several other banks in
the upper Midwest. He rejected using FirsTier Financial as a
comparable because it owned two large and well established
Lincoln and Omaha banks. He rejected using First National of
Nebraska as a comparable because it had a large credit card
business.
Petitioner's expert believed that First Commerce was the
most comparable to Scottsbluff National Corp. because First
Commerce had substantial banking interests outside of Lincoln and
Omaha. National Bank of Commerce in Lincoln represented 53
percent of First Commerce's total assets. First Commerce also
owned banks in Grand Island, Hastings, Kearney, North Platte, and
West Point, Nebraska, and owned industrial loan companies in
Columbus, Lincoln, and Scottsbluff. First Commerce stock traded
for $13.25 per share on September 30, 1986, and March 31, 1987,
which petitioner’s expert estimated was 57.7 percent of its book
value per share of $22.97 on December 31, 1986.
Petitioner's expert concluded that Scottsbluff National
Corp. was in better financial condition than First Commerce, and
that its stock would trade at 60 percent of its book value per
share on September 30, 1986, and March 31, 1987. Petitioner's
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