Olsen Palmer is pleased to announce that North Shore Bank, F.S.B. (“North Shore”) has entered into a definitive purchase and assumption agreement whereby North Shore will sell 2 branches to Royal Savings Bank, subsidiary of Royal Financial, Inc. (“Royal”, OTCQX: RYFL).
Olsen Palmer LLC served as exclusive financial advisor to North Shore Bank, F.S.B. in connection with this transaction.
Upon completion of this transaction, Royal Savings will assume approximately $42 million in total deposits in addition to substantially all the fixed assets of both branch locations.
The transaction, which has received approvals from each party’s board of directors but remains subject to regulatory approvals and other customary closing conditions, is expected to close in the first quarter of 2020.
Olsen Palmer remains a Top 5 bank M&A advisory firm according to S&P Global, based on the number of whole-bank sell-side M&A transactions advised upon in 2019 year-to-date.