Judge Post of the Lancaster County District Court held a two-part hearing on the appeal by Premier Bank to their denied cross industry acquisition application by the Nebraska Department of Banking and Finance (Department). In September of 2021, the Department held a public hearing on the application by Premier Bank to sell substantially their assets and liabilities to GreenState Credit Union, an Iowa chartered institution. After the hearing, the Department released their order denying the application. The cross-industry acquisition where a Nebraska bank is seeking to sell to an out-of-state credit union is the first of its kind in Nebraska.
Premier Bank appealed the decision by the Department and had a two-part hearing on the procedure used during the hearing as well as the merits of the appeal. Both the hearing for the Department and the hearing before Judge Post’s court pitted attorneys representing Premier Bank against attorneys representing the Nebraska Bankers Association who opposed the application as well as the Nebraska Attorney General’s Office representing the Department. All parties are waiting on Judge Post’s ruling.