United Community Bancshares, Inc., the holding company of CenTrust Bank, N.A. announced the closing of its sale to SmartBiz, a San Francisco-based tech firm that specializes in helping companies find federally backed small-business loans.
Olsen Palmer LLC served as financial advisor to United Community Bancshares, Inc.
The combined company, renamed SmartBiz Bank, N.A., will operate under the bank holding company, SmartBiz Bancshares, Inc., with CenTrust Bank operating as a division of SmartBiz Bank, N.A. The transaction received regulatory approval from the Office of the Comptroller of the Currency and the Federal Reserve Bank of Chicago.
The entire team of CenTrust Bank will join SmartBiz with Gerard Buccino continuing as President of the bank.
Olsen Palmer remains the #2 sell-side bank M&A advisor nationwide – and a top 3 overall bank M&A advisor – based on the number of transactions advised upon since 2020 according to S&P Global.