The oldest bank in Chadron is getting a new name.

The First National Bank of Chadron, which opened more than 130 years ago, is merging with its affiliate Homestead Bank, pending regulatory approval.

First National also has a branch in Ainsworth while Homestead has locations in Cozad, Lexington, St Paul, Wolbach, Albion, Schuyler, and Howells. The merger is expected to be finalized by July 1st.

First National President and CEO Steve Clevland says the two banks have had the same owners since 1990 – operating independently but sharing resources behind the scenes with identical operating systems and locally focused business cultures.

Cleveland says the strategic decision to formally merge has been in the works for some time and that “it just makes good sense to do it now,” – adding that customers will see few, if any, changes other than the name Homestead Bank.

Leland Spanjer, chairman of the board for both banks, says both are committed to community banking with the formal merger allowing the Homestead name to show that commitment across the entire state of Nebraska.

Homestead Bank was chartered in 1905 as Cozad State Bank, but changed the name to Homestead in October 2009.