Nebraska

REGULATING AGENCY: Nebraska Department of Banking And Finance; Division of Financial Institutions

Nebraska State Capitol

LEAGUE: Nebraska Credit Union League

PRIVATE SHARE INSURANCE: No


2022 STATS 
  • Largest SCU:  LIBERTY FIRST CU $417M in assets
  • Largest FCU: COBALT FCU $1.2B in assets
Second Quarter 2022 SCUs FCUs Total CUs % of SCUs/Total
Total Credit Unions 11 45 56 20%
Credit Union Members 73,587 474,189 547,776 13%
Credit Union Assets $968M $5.2B  $6.2B 16%

FUN FACT

About 80 percent of the world’s sandhill crane population alights on Nebraska’s Platte River during the cranes’ annual spring migration, bringing with them thousands of bird-watchers.


RECENT NEWS
Nebraska Judge Affirms Regulator’s Decision Denying a CU-Bank Acquisition

Courtesy of Peter Strozniak, Credit Union Times

Ruling says the proposed transaction is not authorized under the so-called wildcard statute.

August 3, 2022 — A Nebraska judge affirmed a decision of the Nebraska Department of Banking and Finance to deny an application for the $369 million Premier Bank in Omaha to be acquired by the $7.9 billion GreenState Credit Union in North Liberty, Iowa.

Premier Bank appealed the NDBF’s decision before Lancaster County District Court Judge Ryan S. Post, who ruled last week that the proposed transaction is not authorized under the wildcard statute that allows for state banks to have the same powers as national banks.

Premier Bank argued that one of the powers of federally chartered banks doing business in Nebraska is the authority to sell substantially all of its assets and liabilities to a credit union. Premier, a state-chartered bank, claimed that if a national bank has this power, so too does a state bank.

But Judge Post sided with the NDBF’s argument that while the wildcard rule allows a bank’s board of directors or officers to exercise all of the incidental powers necessary to conduct the business of banking, there is no specific power under the wildcard law to sell or buy bank assets.

“This Court agrees with the (NDBF) hearing officer that there is difficulty in finding in the statutes the authority of a bank to sell substantially all of its assets as being an incidental power to the carrying on of the business of banking, since Premier is not going to be carrying on the business of banking, but rather terminating it,” Judge Post wrote. “In the absence of authority under federal law empowering a national bank, on these facts, to sell substantially all of its assets and transfer substantially all of its liabilities, to a credit union, this Court cannot conclude that the wildcard statute grants Premier Bank any such power.”

Read more here


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