Rapid City, S.D.-based Security First Bank is acquiring 11 Nebraska branches from Billings, Mont.-based First Interstate Bank..The purchase-and-assumption agreement includes $280 million in deposits and $70 million in loans. Security First is slated to add branches in Alliance, Norfolk, Atkinson, O’Neill, Broken Bow, Ord, Burwell, Scottsbluff, Callaway, Sidney and McCook — expanding its footprint in Nebraska to 34 branches. The deal is expected to be completed early next year. Security First CEO Gregory Hunter said the acquisition strengthens his $2.04 billion bank’s commitment to community banking across Nebraska. Security First has more than two-dozen branches, two loan production offices and 10 insurance offices in Nebraska and southwest South Dakota. “We’re thrilled to welcome these First Interstate branches into our family and deepen Security First’s roots across Nebraska,” Hunter said.James Reuter, CEO of $27.6 billion First Interstate Bank and its holding company First Interstate BancSystem, said the move aligns with the company’s focus on redeploying capital toward its strongest markets.
