First National of Nebraska

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First National of Nebraska
Type Private Company
Traded as OTCQBFINN
Industry Finance and Insurance
Founded August 27, 1968 (1968-08-27)
Headquarters Omaha, Nebraska, United States
Key people Bruce Lauritzen, Chairman
Services Financial Services
Website http://www.fnni.com

First National of Nebraska is a privately held, interstate bank holding company based in Omaha, Nebraska, USA. The largest banking subsidiaries are First National Bank of Omaha, First National Bank Colorado, First National Bank Kansas and First National Bank South Dakota. First National of Nebraska ranks as one of the 50 largest banks in the United States. There are locations in seven states and more than 6.6 million customers across the country. First National of Nebraska and its affiliates have more than $17 billion in managed assets and 5,000 employees.[1] As of June 30, 2009, First National of Nebraska had Shareholders' Equity of $1,116,225,000 with 315,000 shares outstanding and a Book Value Per Share of $3,544.[2]

History[edit]

Name Position Years
John F. Davis Chairman 1967–1972
John R. Lauritzen President 1967–1972
Chairman 1972–1994
F. Phillips Giltner President 1972–1994
Chairman 1994-Unknown
Bruce R. Lauritzen President 1994-unknown
Chairman current
Dan O'Neill President current

With the building of the First National Center in the 1960s, it was made clear that the bank officials had to establish the overall cost of the project. It was determined that total expenses, including the $2.5 million already paid to Woodmen and adjoining property owners for land, would come to $13.9 million. Next, it became necessary to form a holding company because there is a statutory limitation on the amount of money a bank is allowed to invest in brick and mortar. The U.S. Code draws the line at 50 percent of the financial institution's capital and surplus account, and they had decided to invest as much in that building, literally, as First National's entire net worth. A parent corporation, acting technically in its own name and on its own behalf, can go ahead and incur a sizable debt for construction purposes without running afoul of federal law, as long as it owns at least 80 percent of its subsidiary's stock. With that in mind, First National Bank's directors created (August 27, 1968) and its shareholders approved (January 21, 1969) First National of Nebraska, Inc.[3]

In 2008, ComputerWorld named First National of Nebraska as the third best in a top 12 list of "Green-IT Companies" [4]

Ownership[edit]

First National of Nebraska is a privately held company. Bruce Lauritzen is Chairman of First National of Nebraska, Inc. and First National Bank of Omaha. Lauritzen is also Chief Executive Officer of the Lauritzen Corporation, a financial and bank holding company owning additional banks in Nebraska and Iowa.[5] The Lauritzen Corporation has an approximate 28% voting share in First National of Nebraska, Inc.[6]

Board of directors[edit]

The Board of Directors is chaired by Bruce Lauritzen, whose family owns a controlling interest in the Bank's ultimate holding company. The directors are family stockholders, independent directors, and members of the management of the Bank and its holding company.[7]

  • Bruce R. Lauritzen, Chairman
  • Clarkson D. Lauritzen, President, Wealth Management & Investment Banking
  • Margaret Lauritzen Dodge
  • Daniel K. O'Neill, President
  • Michael S. Mahlendorf, Senior Vice President
  • George J. Behringer
  • J. William Henry
  • John W. Castle
  • Thomas C. Stokes

Senior Management[edit]

Name Position
Michael A Summers EVP and Chief Financial Officer
Nicholas W Baxter EVP& Chief Risk Officer & Secretary
Rolland Johansen EVP, Retail and Mortgage
Steve Eulie EVP, First Bankcard Center
Michael S Foutch EVP, Technology, Operations and HR
Jerry J O'Flanagan EVP and Chief Credit Officer
Clark Lauritzen EVP, Commercial Lending and Wealth Management
Timothy D Hart Senior Vice President and Treasurer

Banking Subsidiaries[edit]

Effective September 30, First National Bank of Kansas, First National Bank of Colorado and Castle Bank will operate as divisions of First National Bank of Omaha, a subsidiary of First National of Nebraska.

Castle Bank N.A.[edit]

A subsidiary of First National of Illinois Inc.

Website

Branches in Illinois: Belvidere, DeKalb, Harvard, Huntley, Lake in the Hills, Marengo, Oswego, Plano, Sycamore, Sandwich, Sugar Grove, and Yorkville

Castle Bank began its banking venture over 150 years ago.[8]

Castle Bank, N.A. (CBNA) was formerly known as First National Bank in DeKalb. In June 2000, the bank's parent company at that time merged First National Bank in DeKalb with affiliated Castle Bank Harvard and Castle Bank Sandwich. The Sandwich affiliate resulted from an earlier 1999 merger between The Sandwich State Bank and The Bank of Yorkville. With the 2000 merger, CBNA increased its assets and expanded it operations into Kane, Kendall and McHenry Counties. The FNNI affiliation was established in January 2002 when FNNI purchased Castle BancGroup, Inc, the parent company of CBNA. Concurrent with the purchase, Castle BancGroup, Inc. adopted the articles and by-laws of First National of Illinois, Inc. and presently operates under this name.[9]

First National Bank Colorado[edit]

A subsidiary of First National of Colorado Inc.

Website

Branches in Colorado: Fort Collins, Boulder, Brighton, Broomfield, Denver, Evans, Fort Lupton, Greeley, Johnstown, Kersey, Longmont, Louisville, Loveland, Platteville, Wellington, Westminster, and Windsor

Since 1881, First National Bank has been in business in Colorado.[10]

On February 15, 2008, First National Bank of Colorado, First National Bank of Fort Collins and Union Colony Bank merged under First National Bank Colorado.

First National Bank Columbus[edit]

Website

Branches in Nebraska: Columbus and Norfolk

First National Bank in Columbus was originally chartered in 1906. After being chartered as the German National Bank, the name was changed to the Central National Bank during World War I. In 1961, the bank changed their name to First National Bank and Trust Company. For close to a century, First National Bank is the only Columbus financial institution that did not close during the depression. The offices in Norfolk began in the fall of 1993 after research indicated that the opportunity for another commercial bank was feasible. A new charter was filed and granted for the community and First National opened for business in December 1993. In 1995, the charter of First National Columbus and Norfolk were merged.[11]

First National Bank Kansas[edit]

Website

Branches in Kansas: Fairway, Olathe, Overland Park, and Shawnee

First National Bank Kansas was established in Kansas in 1993 as part of one of the oldest and most successful financial organizations in the Midwest, First National of Nebraska.[12]

First National Bank of Kansas (FNBK) was chartered in 1993 when FNNI purchased approximately $80 million deposits from a failed financial institution. The bank purchased additional deposits approximating $220 million from another financial institution in 1994. To profitably invest this large deposit base, FNBK purchased credit card receivables from an affiliated bank. Most of the receivables originated outside the bank's assessment area. While credit card receivables still represent a large percentage of bank assets, credit card lending is not a strategic goal for the bank.[13]

First National Bank North Platte[edit]

Website

Branches in Nebraska: North Platte, Alliance, Chadron and Scottsbluff

First National Bank North Platte was organized on March 9, 1886, and opened on May 10 of that same year. First National of Nebraska purchased FNBNP on October 15, 1988. From 1983 to 1993, locations in Alliance, Chadron, Gering, and Scottsbluff allow FNBNP financial services to customers throughout Western Nebraska. The latest acquisition took place in August 1994 with the purchase of the Alliance National Bank. In April 2010, the Gering branch was closed.

First National Bank Omaha[edit]

Website

Branches in Iowa: Council Bluffs, Glenwood and Silver City
The branches in Glenwood and Silver City were originally Mills County Bank.
Branches in Nebraska: Omaha, Beatrice, Bellevue, David City, La Vista, Lincoln, and Papillion

First National Bank Southwest[edit]

A division of First National Bank of Omaha

Website

Branches in Texas: Frisco and Plano

First National Bank Southwest originally opened on January 23, 1946 as First State Bank. On December 15, 2000, First State Bank merged with First National Bank Southwest and moved their headquarters from Silverton, Texas to Frisco, Texas. On February 22, 2001, the headquarters moved from Frisco to its current home in Omaha.

First National Bank Iowa[edit]

A division of First National Bank of Omaha

Website

Branch in Iowa: Des Moines

The first First National Bank Iowa opened inside the Davis Brown Tower in Des Moines, Iowa on June 30, 2008.

First National Bank South Dakota[edit]

Website

Branches in South Dakota: Huron, Mitchell, Sioux Falls, Woonsocket, and Yankton

In 1962, "Valley State Bank' was chartered in Yankton, South Dakota. In the early 80s, the bank was purchased by First National of Nebraska. This incorporation led to many changes including a new facility and a name change to First National Bank South Dakota in 1994.

Fremont National Bank[edit]

Website

Branches in Nebraska: Fremont

Fremont National Bank began on November 13, 1871, with the signing of the Articles of Agreement. It is the first and oldest bank in Dodge County.[14]

Platte Valley State Bank[edit]

Website

Branches in Nebraska: Kearney and Grand Island

In 1944 a group of Kearney businessmen raised enough capital to charter the Platte Valley State Bank. The bank was located on the corner of 23rd Street and Central Avenue, Kearney, Nebraska. In 1962 ground was broken for the construction of the new "ultra-modern" round bank and the "Circle of Service" was launched. At that time the bank had eight million in total assets and ten employees.

By June 1998, the “Circle of Service” was expanded to a "Financial Center" with new and expanded services all under one roof and nearly $320 million in assets and 43.27% of the deposit market share in the city of Kearney. Three years later services were expanded to include the Grand Island area and by 2005 a new facility was open for business along the 281 Corridor in Grand Island, Nebraska.

Today Platte Valley State Bank & Trust Company is part of the First National Nebraska, Inc. community of banks in Nebraska, South Dakota, Colorado, Kansas, Texas and Illinois. Platte Valley State Bank & Trust is focused on central Nebraska with major investments of people and capital in the Kearney and Grand Island communities. It is one of the top banking, insurance and financial service companies in Nebraska.[15]

Non-Banking Subsidiaries[edit]

National business rankings[edit]

  • Fifth-largest in-house credit card processor
  • Top-ten commercial card issuer
  • Eleventh-largest issuer of bank cards in the United States
  • Top-twenty electronic funds processor
  • Fifth-largest agricultural lender with customers in 49 states
  • Largest commercial bank finance provider to the ethanol industry [17]

Sponsorships[edit]

First National of Nebraska is a sponsor for the following:

See also[edit]

References[edit]

  1. ^ (nd)First National Bank Iowa. Retrieved 7/1/2008.
  2. ^ "Newsroom, First National Bank Omaha". First National Bank Omaha. Retrieved 2009-09-04. 
  3. ^ Szmrecsanyi, Dr. Stephen: "The First National Bank Story", page 83. First National Bank of Omaha, 1996
  4. ^ Green IT Companies Retrieved 02/19/08
  5. ^ Nebraska Business Hall of Fame - Bruce Lauritzen, 2006
  6. ^ Federal Register Online via GPO Access - See note C.2.
  7. ^ "Board of Directors, First National Bank Omaha". First National Bank. Retrieved 2008-12-17. 
  8. ^ (nd) Welcome to Castle Bank. Retrieved 6/21/2008.
  9. ^ FDIC. Retrieved 9/20/2008.
  10. ^ About Us, First National Bank Retrieved 7/9/2008.
  11. ^ About Us Retrieved 2/9/08.
  12. ^ About Us Retrieved 2/9/08.
  13. ^ FDIC Retrieved 9/20/08.
  14. ^ Bank History, Fremont National Bank & Trust Retrieved 2/9/08.
  15. ^ "Our History, Platte Valley State Bank". PVSB. Retrieved 2008-12-25. 
  16. ^ Circle One Mortgage Company Retrieved 5/22/08.
  17. ^ "Company Facts, First National Bank of Omaha". First National Bank of Omaha. Retrieved 2009-06-25. 

External links[edit]