Marshall Financial Corporation (“MFC”), parent company of Citizens Bank, and Holly Springs Bancshares, Inc. (“HSBI”), parent company of Bank of Holly Springs, have entered into an Agreement and Plan of Merger pursuant to which MFC shall merge with and into HSBI while Citizens Bank shall be merged with and into Bank of Holly Springs.
Olsen Palmer LLC served as exclusive financial advisor and issued a fairness opinion to Marshall Financial Corporation.
In connection with this transaction, MFC shareholders will receive cash consideration and will also be issued a one-time special cash dividend prior to closing, subject to adjustments and certain requirements as more fully described in the Agreement.
Upon completion of the merger, Tracy Davidson, Citizens Bank’s President and CEO, will join Bank of Holly Springs’ management team.
The transaction, which has been approved unanimously by each company’s Board of Directors but remains subject to customary closing conditions including the approval of MFC’s shareholders and the receipt of required regulatory approvals, is expected to close in the fourth quarter of 2020.
Olsen Palmer LLC is ranked as the #2 bank M&A advisor nationwide according to S&P Global, based on the number of whole-bank M&A transactions advised upon in 2020 year-to-date
If you have any questions or would like additional information, please feel free to contact me at 202-627-2043 or colsen@olsenpalmer.com.