First State Capital Corporation (“FSCC”), parent of First State Bank (“FSB”), and M&F Bancorp, Inc. (“MFB”), parent of Merchants & Farmers Bank (“M&F”), consummated their merger transaction in which FSCC has merged with MFB and M&F through an all-stock merger-of-equals with FSCC and M&F as the surviving entities.
Olsen Palmer LLC served as financial advisor to both First State Capital Corporation and M&F Bancorp, Inc.
With the merger, the combined franchise now has assets of approximately $270 million, deposits of $230 million, and loans of approximately $110 million.
Jones Walker LLP served as legal advisor to First State Capital Corporation while Adams & Reese LLP served as legal counsel to M&F Bancorp, Inc.
Olsen Palmer LLC is one of the top 3 banks M&A advisory firms nationwide according to S&P Global, based on the number of whole-bank sell-side M&A transactions advised upon over the last twelve months.