Olsen Palmer is pleased to announce that 22ND State Bank (“22SB”), wholly-owned subsidiary of FEB Bancshares, Inc., has entered into a Purchase & Assumption Agreement whereby it will acquire a banking location of Bank OZK (Nasdaq: OZK).
Olsen Palmer LLC served as exclusive financial advisor to FEB Bancshares, Inc., parent of 22ND State Bank.
Under the terms of the agreement, 22SB will acquire the physical location and most of the loan and deposit accounts associated with the Geneva, AL branch. Following completion of the transaction, 22SB will have total assets in excess of $225 million and six full-service locations.
The proposed transaction is subject to customary closing conditions as well as approval by applicable bank regulatory authorities. It is expected to be completed in the second half of 2020.
If you would like additional information or have any questions on this transaction or on M&A, valuation, or strategic options, please feel free to contact me at 205-878-3392 or mrediker@olsenpalmer.com.
About Olsen Palmer LLC
Olsen || Palmer is an independent investment banking firm that exclusively advises financial institutions across the spectrum of Mergers & Acquisitions out of our headquarters in Washington DC and regional offices in Chicago, Denver, and Birmingham. By design, we combine the extensive M&A expertise of a traditional diversified firm with the agility, innovation, and independence of a boutique firm. Specializing in sell-side M&A advisory, buy-side M&A advisory, valuations, fairness opinions, branch acquisitions and divestitures, and Board-level assessments of strategic options.
Olsen Palmer LLC was ranked as a Top 3 bank M&A advisory firm according to S&P Global, based on the number of nationwide whole-bank sell side M&A transactions advised upon in 2019. Christopher Olsen, the firm’s Managing Partner, was ranked the #1 bank M&A advisor across the entire U.S. according to S&P Global, based on the total number of nationwide whole-bank M&A transactions on which he served as advisor in 2019.
For more information, please visit www.OlsenPalmer.com.