Olsen Palmer is pleased to announce that Moline, Illinois-based McLaughlin Holding Company, parent company of SENB Bank, has signed a definitive merger agreement to acquire Gateway Banc Corp., parent company of Gateway Community Bank in Roscoe, Illinois.
Olsen Palmer served as exclusive financial advisor to the parent company of McLaughlin Holding Company. Roger Hernandez, Director and head of the firm’s Chicago office, and Christopher Olsen, Managing Partner based in the firm’s Washington, DC office, served as lead advisors on the transaction.
Upon completion of the merger, the combined company will have assets of $309 million, deposits of $227 million, gross loans of $208 million, and will operate 7 branches throughout Illinois, Iowa, and Wisconsin.
The transaction, which is subject to customary conditions including regulatory approval and approval by the shareholders of Gateway Banc Corp., is expected to close in the second quarter of 2019.
Download Transaction Announcement (PDF)
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.