Centennial Bank and Omaha State Bank have announced their intent to merge.

The union is designed to expand the reach and resources of both banks while providing greater operational and regulatory efficiencies.

“The merging of these two organizations is truly exciting. Centennial Bank and Omaha State Bank have shared majority ownership, tremendous market position, and very complimentary services,” said David Scott, Chairman.

John Sorrell, President and CEO of Centennial Bank, has been providing interim leadership to Omaha State Bank since December, 2012. He will assume the role of President and CEO of the combined entities upon completion of the merger.

Centennial Bank and Omaha State Bank were founded in 1977 and 1972 respectively, and had $81 million and $271 million in assets as of December 31, 2012.

Together, the combined banks will have a strong competitive advantage of capitalization, strength of ownership, and industry expertise.