Building mug, 8.26.18

City Bank and Trust from the corner of 10th Street and P Street.

A Lincoln-based developer is buying a local bank.

City Bank and Trust Company said Monday that its shareholders have entered into an agreement to transition its ownership to Breck Collingsworth.

Collingsworth, who lives in Lincoln, owns Resort Lifestyle Communities, a company that builds senior housing developments across the country.

The bank said in a news release that Collingsworth has been a customer since 1992, and over the years it has provided numerous loans to him and his companies for multi-family, town home and retirement community projects.

"The long-term nature of the association between the parties provides a natural transition into an ownership while preserving City Bank’s rich tradition of outstanding service and customer-centric focus," the bank said in the news release.

Financial terms of the deal, which is subject to regulatory approval, were not disclosed.

City Bank, which has about $140 million in assets, was established in Crete in 1910. In 1987, Robert Wanek, the founder of Wanek's of Crete, purchased the bank. It entered the Lincoln market in 1993 with a loan production office and opened its first full-service branch in the city in 1997 at 2929 Pine Lake Road. In 2002 it moved its headquarters from Crete to Lincoln, and in 2006 it opened a downtown branch at 940 P St.

No changes are planned at the bank after the sale is completed.

It will continue to operate as City Bank & Trust, and Susan Chrastil will continue serving as the bank’s CEO, while Paul Schelstraete will continue as president.

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Business editor/reporter

Matt Olberding is a Lincoln native and University of Nebraska-Lincoln graduate who has been covering business for the Journal Star since 2005.

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