Washington D.C. – Olsen Palmer is pleased to announce that McHenry, Illinois-based First McHenry Corporation, parent company of First National Bank of McHenry, has signed a definitive merger agreement whereby 100% of First McHenry common stock will be acquired by Beloit, Wisconsin-based Blackhawk Bancorp, Inc. (OTCQX: BHWB), parent company of Blackhawk Bank in an all-cash transaction.
The transaction price of $23.0 million equated to 1.6x the seller’s tangible book value and 25x the seller’s earnings (LTM).
Olsen Palmer LLC served as exclusive financial adviser to First McHenry Corporation. Christopher Olsen, Managing Partner, and Roger Hernandez, Director and head of the firm’s Chicago office, served as lead advisors on the transaction.
The transaction, which is subject to customary conditions including regulatory approval and approval by the shareholders of First McHenry, is expected to close in the first quarter of 2019.
If you have any questions or would like additional information, please feel free to contact 202-627-2043 or colsen@olsenpalmer.com.
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About Olsen Palmer LLC
Olsen || Palmer is an independent, nationally-recognized investment banking firm that exclusively advises financial institutions across Mergers & Acquisitions. By design, advising clients is our only business allowing a truly 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.