Washington, D.C. – Olsen Palmer is pleased to announce that Clayton HC, Inc. has entered into an agreement with FirstBank, wholly-owned subsidiary of FB Financial Corporation, pursuant to which FirstBank will acquire Clayton Bank & Trust and American City Bank (collectively “the Clayton Banks”) for approximately $284.2 million.
Olsen Palmer LLC served as exclusive financial advisor to Clayton HC, Inc., parent company of the Clayton Banks.
Under the terms of the agreement, FirstBank will acquire from Clayton HC all of the shares of the Clayton Banks, which will be merged into FirstBank upon closing, for consideration comprised of 5,860,000 shares of common stock (NYSE: FBK), $79.5 million in cash, and $60 million in subordinated debt.
The Clayton Banks – 18 branches, total assets of $1.2 billion – are wholly-owned by Clayton HC, Inc. which is 98% owned by Jim Clayton, Chairman and Chief Executive Officer. FirstBank has $3.2 billion in assets and 45 branches across 3 states.
This deal ranks as the 4th largest bank M&A transaction in the U.S. thus far in 2017 in terms of transaction value, according to SNL Financial.
Olsen Palmer has now advised on over $500 million in aggregate transaction value over the past 18 months and is ranked as a Top 10 bank M&A advisory firm based on aggregate deal value, according to SNL Financial.
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About Olsen Palmer
Olsen || Palmer is an independent investment banking firm that exclusively advises financial institutions across Mergers & Acquisitions. By design, advising clients is our only business allowing us to take an independent, client-centric approach: nimble, high-touch, and conflict-free.
Specializing in buy-side M&A advisory, sell-side M&A advisory, valuations, fairness opinions, branch acquisitions and divestitures, and Board-level assessments of strategic options.
For more information, please visit www.OlsenPalmer.com.