Olsen Palmer Advises Heritage Bank in the Sale of One Branch to Levo Credit Union

Levo Credit Union (“Levo”) has acquired a Sioux City, Iowa, bank branch from Heritage Bank, National Association (“Heritage”). The branch is located at 4530 Singing Hills Boulevard. Levo, which is headquartered in Sioux Falls, South Dakota, has completed the transaction with Heritage, which is based in Spicer, Minnesota.

Olsen Palmer LLC served as financial advisor to Heritage Bancshares Group, Inc. in connection with this transaction.

With the agreement approved by regulatory authorities, Levo will take on some deposits and loans, as well as the property. Heritage customers have also officially transitioned to Levo.

The transaction completion comes after Levo announced an expansion of its service area from 4 counties around Sioux Falls to 29 counties along the I-29 corridor in South Dakota, Iowa, North Dakota, and Minnesota.

Olsen Palmer remains the #2 sell-side bank M&A advisor nationwide – and a top 3 overall bank M&A advisor – based on the number of transactions advised upon since 2020 according to S&P Global.

Olsen Palmer Advises the Magnolia State Bank in its Agreement to be Acquired by BankFirst

The Magnolia State Corporation (“Magnolia”), the parent company of Magnolia State Bank, today announced the signing of a definitive merger agreement with BankFirst Capital Corporation (OTCQX:BFCC) (“BankFirst”), parent company of BankFirst Financial Services, under which BankFirst will acquire Magnolia and Magnolia State Bank.

Olsen Palmer LLC served as financial advisor to The Magnolia State Corporation in connection with this transaction.

The transaction has been unanimously approved by the board of directors of each company, is expected to close in the third  quarter of 2025, and is subject to customary closing conditions, including approval from the shareholders of Magnolia and bank regulatory authorities. No vote of BankFirst’s shareholders is required for the merger.

After the merger is completed, BankFirst is expected to have 52 offices serving Mississippi and Alabama and have total assets of approximately $3.2 billion.

Olsen Palmer remains the #2 sell-side bank M&A advisor nationwide—and top 3 overall—based on the number of transactions advised upon since 2020, according to S&P Global.

Olsen Palmer Advises CenTrust Bank in its Acquisition by SmartBiz

United Community Bancshares, Inc., the holding company of CenTrust Bank, N.A. announced the closing of its sale to SmartBiz, a San Francisco-based tech firm that specializes in helping companies find federally backed small-business loans.

Olsen Palmer LLC served as financial advisor to United Community Bancshares, Inc.

The combined company, renamed SmartBiz Bank, N.A., will operate under the bank holding company, SmartBiz Bancshares, Inc., with CenTrust Bank operating as a division of SmartBiz Bank, N.A. The transaction received regulatory approval from the Office of the Comptroller of the Currency and the Federal Reserve Bank of Chicago.

The entire team of CenTrust Bank will join SmartBiz with Gerard Buccino continuing as President of the bank.

Olsen Palmer remains the #2 sell-side bank M&A advisor nationwide – and a top 3 overall bank M&A advisor – based on the number of transactions advised upon since 2020 according to S&P Global.

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Olsen Palmer Advises Peoples Bank in Their Acquisition by First Commerce Bank

Peoples Bank of Middle Tennessee (“Peoples Bank”) and First Commerce Bancorp, Inc. (“FC Bancorp”), the parent company of First Commerce Bank, announced that FC Bancorp has acquired Peoples Bank providing for the merger of Peoples Bank with and into First Commerce Bank.

Olsen Palmer LLC served as financial advisor and issued a fairness opinion to Peoples Bank of Middle Tennessee.

On a pro forma basis as of December 31, 2024, the combined bank has total assets of approximately $852 million. Bass, Berry & Sims PLC served as legal counsel to Peoples Bank of Middle Tennessee and K&L Gates LLP served as legal counsel to FC Bancorp.

Olsen Palmer remains the #2 sell-side bank M&A advisor nationwide – and a top 3 overall advisor – based on the number of transactions advised upon since 2020, according to S&P Global.

Download Announcement (PDF).