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Portfolio > Mutual Funds

Insurer Expands Banking Unit

By Staff Writer

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Omaha Financial Holdings Inc. has agreed to acquire Midlands Financial Services Inc.

Omaha Financial, Omaha, Neb., is a unit of Mutual of Omaha Insurance Company, and Midlands Financial Services Inc., Omaha, is the parent of Nebraska State Bank.

Nebraska State Bank is a small bank, founded in 1972, that now has three offices in the Omaha area.

Mutual of Omaha is not saying how much it is paying for Midlands Financial, but, when the acquisition is final, Nebraska State Bank will become Mutual of Omaha Bank. The three Nebraska State offices will become branches of the Mutual of Omaha Bank main office, Mutual of Omaha says.

Mutual of Omaha says it does not expect to make any changes in Nebraska State Bank’s management or personnel.

Midlands Financial is the third banking company Omaha Financial has acquired in the past few months.

Mutual of Omaha has been buying banks to start a network of community banks, open an Omaha-based bank on the Mutual of Omaha campus, and launch a full-service Internet bank, the company says.

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