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Centennial and Omaha State Bank announce merger

OMAHA, Neb. (AP) -- Centennial Bank and Omaha State Bank officials say the banks will merge.

Terms were not disclosed in Thursday's announcement. Centennial Bank had $81 million in assets and Omaha State Bank had $271 million in assets as of Dec. 31. The family of Omaha businessman Walter Scott Jr. controls both banks.

John Sorrell is president and CEO of Centennial Bank, and he will become president and CEO of the merged banks. The name for the merged banks hasn't been announced.

Omaha State Bank has been under close watch by federal regulators regarding its loan delinquencies and other problems. The bank agreed last year to follow regulators' recommendations for changing operational, administrative and lending practices.