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Money in the Banks

Omaha was founded in 1854 and incorporated as a city three years later, the same year First National Bank was founded by Herman and Augustus Kountze. Back then, the streets alternated between dust and mud. Stand on a chair and you could see from one end of town to the other – without squinting. Progress was measured brick by brick.

As First National Bank President Rajive Johri will attest, both the times and the city have changed.

Omaha no longer rolls up the sidewalks at dusk. Instead, the city rolls out the red carpet to welcome economic development and business diversity on a scale that impresses even the most skeptical first-time visitor.

First National, a subsidiary of First National of Nebraska, has grown from a single walk-in bank to a vibrant corporation with more than $18 billion in managed assets, 6.6 million customers in 50 states, and more than 90 banking locations in seven states comprised of 7,500 employees.

According to a published account in the Omaha World-Herald, the combined net income of 32 banks in the Omaha area in 2006 was up 56 percent, to $243 million, compared to 2005, due chiefly to gains by First National and Pinnacle Bank of Papillion.

Johri says some privately-owned financial institutions try to quickly build value simply to attract buyers. “Not at First National,” he says. “We think in terms of generations.”

Like the bank’s six generations of family leadership that began with the ancestors of Bruce Lauritzen, current chairman of First National’s board of directors.

Johri’s extended view includes plans to expand First National’s consumer business beyond its current locations in Omaha, First National Bank in Lincoln, Neb., and First National Bank Southwest in Texas. Johri says the bank wants to cultivate a national market for some of its loan operations, including agricultural and livestock lending. And, building upon its experience as the fifth-largest in-house credit card processor and the seventh-largest merchant processor, the bank intends to aggressively grow both operations.

“It’s ambitious,” Johri says, “but the opportunities are there now, and we have the resources to go after them.”

First National is one of a host of longtime Omaha banking institutions, companies that include Great Western Bank, TierOne, First Westroads Bank, American National, Bank of the West, Centennial Bank, Union Bank and Trust Co., Pinnacle Bank, U.S. Bank, Mid City Bank, Wells Fargo, Omaha State Bank and Security National. Many have taken on important economic developments, as well as minority and small business development roles, or sponsored the events and programs of the Greater Omaha Chamber of Commerce and other civic and charitable organizations.

“Omaha is a great place to live and do business because of the Midwest values of honest work and ethical business practices,” says Andrew Williams, Great Western senior vice president.

He says personal service is key to Great Western’s success. In an effort to extend that service, Great Western, which employs 320 people, has opened six locations with expanded hours in area Wal-Mart Super Centers.

“We see Omaha as a place that has unlimited opportunity for growth and expansion,” Williams says. “We are proud to be part of this dynamic community.”

TierOne Bank opened three new banking offices in 2006 and unveiled its new Corporate Banking Center, headquarters for all TierOne Omaha corporate lenders.

TierOne considers Omaha “a crown jewel of the Midwest,” says Gilbert G. Lundstrom, TierOne Bank chairman and chief executive officer. “Its extraordinary growth and vibrant economic development are a testament to its leadership, and TierOne Bank looks forward to contributing to Omaha’s continued dynamic vitality.”

That’s progress you can bank on.