Olsen Palmer Advises Heritage Bank in its Agreement to Acquire Fidelity State Bank and Trust Company

Heritage Bancshares, Inc., the holding company of Heritage Bank, and Fidelity Kansas Bankshares, Inc., the holding company of Fidelity State Bank and Trust Company, have jointly announced today the signing of a stock purchase agreement whereby Heritage Bancshares, Inc. will acquire Fidelity State Bank and Trust Company. Following the closing of the transaction, Fidelity State Bank and Trust Company will be merged with and into Heritage Bank with Heritage Bank as the surviving entity.

Olsen Palmer LLC served as financial advisor to Heritage Bancshares, Inc. in connection with this transaction.

The transaction has been approved by the board of directors of each company and is expected to close in the second quarter of 2025, subject to customary closing conditions including shareholder and regulatory approvals.

Transaction Announcement (PDF)

Olsen Palmer Advises Wilson Bank & Trust in its Agreement to Acquire 1 Branch from F&M Bank

Wilson Bank & Trust ($5.3 billion, “WBT”) announced today that it has entered into a purchase and assumption agreement to acquire an office from F&M Bank ($1.7 billion, “F&M”). Under the terms of the agreement, WBT will acquire the physical location and related fixed assets, substantially all of the customer deposit accounts affiliated with the office, currently estimated at approximately $35 million, and most of the loan accounts associated with the office.

Olsen Palmer LLC served as financial advisor to Wilson Bank & Trust in connection with this transaction.

Upon completion of the proposed transaction, WBT will operate 31 offices and will hold more than $4.5 billion in total deposits.

The proposed transaction, which is subject to customary closing conditions, including approval by applicable regulatory authorities, is currently anticipated to close in the first half of 2025.

Transaction Announcement (PDF)

Olsen Palmer Advises Peoples Bank in its Agreement to be Acquired by First Commerce Bank

Peoples Bank of Middle Tennessee (“Peoples Bank”) and First Commerce Bancorp, Inc. (“FC Bancorp”), the parent company of First Commerce Bank, announced today the signing of a definitive agreement (the “Definitive Agreement”) providing for FC Bancorp to acquire Peoples Bank. Also, First Commerce Bank and Peoples Bank have entered into an agreement (the “Bank Merger Agreement”) providing for the merger of Peoples Bank with and into First Commerce Bank.

Olsen Palmer LLC served as financial advisor and issued a fairness opinion to Peoples Bank of Middle Tennessee.

Both the Definitive Agreement and the Bank Merger Agreement have been unanimously approved by the parties’ boards of directors. The parties currently expect to consummate the transaction in the first quarter of 2025, subject to the receipt of all required regulatory approvals and the approval of the Definitive Agreement by the shareholders of Peoples Bank, as well as the satisfaction of other closing conditions contained in the Definitive Agreement.

Transaction Announcement (PDF)

Olsen Palmer Advises Farmers & Merchants Union Bank in its Agreement to Acquire Wisconsin River Bank

Jewel Box Financial Services, Inc. (“Jewel Box”), the holding company of Farmers & Merchants Union Bank (“FMUB”), and River Holding Company (“River Holding”), the holding company of Wisconsin River Bank (“WRB”), have jointly announced today the signing of an agreement whereby Jewel Box will acquire 100% of the capital stock of WRB from River Holding through a stock purchase agreement. Jewel Box will then merge WRB into FMUB and the surviving bank will operate under the Farmers & Merchants Union Bank name.

Olsen Palmer LLC served as financial advisor to Jewel Box Financial Services, Inc.

Based on most recent reported financials, the combined institution is expected to have approximately $690 million in total assets and 9 banking offices.

The transaction, which has been approved by the Board of Directors of both companies and is subject to shareholder and regulatory approvals, is expected to close in the first quarter of 2025. Terms of the transaction were not disclosed.

Transaction Announcement (PDF)

Olsen Palmer Advises Merit Bank in its Agreement to Sell 2 Branches to Family Savings Credit Union

Family Savings Credit Union (“Family Savings”) and Merit Bank (“Merit”) announced that they have entered into an agreement whereby Family Savings will acquire the Valley Head, AL and Ider, AL branches of Merit. Upon consummation of the transaction, Merit will continue to operate as an independent community bank.

Olsen Palmer LLC served as financial advisor to Merit Bank.

Under the terms of the agreement Family Savings will acquire the physical locations and most of the deposit and loan accounts associated with the branches; as of the date of this announcement the deposits and loans to be conveyed by Merit to Family Savings are approximately $27 million and $4 million, respectively.

The proposed transaction is subject to customary closing conditions as well as approval by applicable regulatory authorities. It is expected to be completed in the first half of 2025.

Transaction Announcement (PDF)