First National Bank of Omaha (FNBO) Acquires AmeriFirst Home Improvement Finance
Release Date: July 22, 2022
OMAHA, Neb. July 22, 2022—First National Bank of Omaha (“FNBO”) today announced it has acquired substantially all assets of SAF Holdings, LLC and its wholly-owned subsidiary AmeriFirst Home Improvement Finance, LLC (“AmeriFirst”), headquartered in Omaha, Nebraska. AmeriFirst will operate as AmeriFirst, a division of FNBO, and existing AmeriFirst employees will become FNBO employees following the acquisition.
AmeriFirst is a leading originator and servicer of consumer home improvement loans in a nearly $150 billion market. Entering this market expands FNBO’s existing point-of-sale lending capabilities, adding to its robust credit card and buy now pay later programs.
“Being as close to the customer as possible by providing them with point-of-sale financing solutions that are right for them is paramount to our focus on the customer experience,” said Jerry J. O’Flanagan, executive vice president, Partner Customer Segment, at FNBO. “Our acquisition of AmeriFirst allows us to continue to build our point-of-sale lending capabilities and create synergies with our small business and mortgage business lines.”
“AmeriFirst is very excited to join the culturally like-minded FNBO team. This transaction not only brings cross-selling opportunities with FNBO’s other business lines, but also the ability to leverage the stable capital structure, deposit funding and long-term focus that a $30 billion privately held financial organization brings to our home improvement lending business,” said Eric Gangloff, chairman and CEO.
Piper Sandler & Co. served as financial advisor to FNBO and Kutak Rock LLP served as legal advisor. Deutsche Bank Securities Inc. served as financial advisor to SAF Holdings, LLC and Holland & Hart LLP served as legal advisor.
First National Bank of Omaha is the primary banking subsidiary of First National of Nebraska, Inc. (“FNN”). With nearly $30 billion in assets and 5,000 employee associates, FNN and its affiliates provide a full range of business and retail banking, private banking, wealth management and trust services through more than 100 locations in communities in Nebraska, Colorado, Illinois, Iowa, Kansas, South Dakota, Texas and Wyoming. FNBO’s website is www.fnbo.com.
AmeriFirst Finance is a leading originator and servicer of consumer home improvement loans. Starting in 1979, AmeriFirst’s mission was to provide competitive consumer finance programs for the Pacesetter Corporation. In 2005 this division and another regional lender merged, creating AmeriFirst Home Improvement Finance. By 2006, AmeriFirst developed the products and services to become a national full-service lender. Today, AmeriFirst provides loan services for consumers and home improvement lending services for contractors. AmeriFirst’s website is www.trustamerifirst.com
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