Citizens State Bank, the banking subsidiary of Citizens Southern Bancshares, Inc., has entered into an agreement to be acquired by Avadian. The transaction is structured as a purchase and assumption transaction and the consideration is all-cash.
Olsen Palmer LLC served as exclusive financial advisor to Citizens Southern Bancshares, Inc.
The transaction, which has been unanimously approved by the Board of Directors of both institutions but remains subject to customary conditions including the approval of Citizens Southern Bancshares, Inc.’s shareholders and the receipt of required regulatory approvals, is expected to close no later than the third quarter of 2022.
Upon completion of the merger, Avadian will have total assets of approximately $1.2 billion and 21 locations.
Olsen Palmer LLC remains one of the top 3 bank M&A advisory firms nationwide according to S&P Global as ranked by the total number of whole-bank M&A transactions advised upon since 2019.