Olsen Palmer is pleased to announce that Progressive Financial Group Inc., (“Progressive”), the parent company for Progressive Savings Bank, has entered into a definitive agreement to be acquired by SmartFinancial, Inc. (“SmartFinancial”, NASDAQ: SMBK), parent company for SmartBank, in a stock and cash transaction valued at approximately $41.7 million
Olsen Palmer LLC served as exclusive financial advisor and issued a Fairness Opinion to Progressive Financial Group Inc.
The transaction consideration, which is comprised of 1,292,592.556 shares of SmartFinancial stock and $14.6 million in cash, is valued on an aggregate basis at approximately $41.7 million, based on SmartFinancial’s closing stock price on October 29, 2019.
Upon completion of the merger, Ottis H. Phillips, Chief Executive Officer of Progressive, will join the board of SmartFinancial.
The transaction, which is subject to customary closing conditions including the approval of Progressive shareholders and the receipt of all necessary regulatory approvals, is expected to be completed in the first half of 2020.
Olsen Palmer LLC is ranked as a Top 5 bank M&A advisor across the entire U.S. according to S&P Global, based on the number of whole-bank sell-side M&A transactions advised upon in 2019 year-to-date.