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Note 27: Sale of Branches and Related Deposits
12 Months Ended
Dec. 31, 2019
Notes  
Note 27: Sale of Branches and Related Deposits

Note 27:     Sale of Branches and Related Deposits

 

On July 20, 2018, the Company closed on the sale of four banking centers and related deposits in the Omaha, Neb., metropolitan market to Lincoln, Neb.-based West Gate Bank. Pursuant to the purchase and assumption agreement, the Bank sold branch deposits of approximately $56 million and sold substantially all branch-related real estate, fixed assets and ATMs. The Company recorded a pre-tax gain (excluding transaction expenses of $165,000) of $7.4 million on the sale based on the contractual deposit premium and the sales price of the branch assets.