Olsen Palmer Advises 22nd Bank in its Sale of 3 Branches to All In Credit Union

22nd State Bank, subsidiary of FEB Bancshares Inc., has sold 3 branch locations (the “Branches”) to All In Credit Union. 22nd State Bank will continue to operate as an independent community bank through its remaining four locations in south Alabama.

Olsen Palmer LLC served as financial advisor to FEB Bancshares Inc. in conjunction with this transaction.

The transaction has been unanimously approved by the Board of Directors of both institutions and has received all outstanding required regulatory approvals.

All In Credit Union has assumed certain deposit liabilities and has acquired certain loans, as well as cash, real property, personal property and other fixed assets associated with the Branches. The deposit and loan balances associated with the transaction were approximately $70 million and $60 million, respectively.

Olsen Palmer is a top 3 bank M&A advisor – and the #2 sell-side advisor – based on the number of transactions advised since January 1, 2020 according to S&P Global.

Olsen Palmer Advises Peoples Bank and Trust in its Acquisition of KANZA Bank

PBT Bancshares, Inc., the holding company of Peoples Bank and Trust Company, and KANZA Financial Corporation, the holding company of KANZA Bank, have jointly announced today that PBT Bancshares, Inc. has acquired KANZA Bank.

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

With the closing of the transaction, KANZA Bank will be merged with and into Peoples Bank and Trust Company with Peoples Bank and Trust Company as the surviving entity. Based on the most recent reported financials, the combined institution has approximately $1.5 billion in total assets and 21 banking offices.

Olsen Palmer is a top 3 bank M&A advisor – and the #2 sell-side advisor – based on the number of transactions advised since January 1, 2020 according to S&P Global.

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.