22nd State Bank, subsidiary of FEB Bancshares Inc., has sold 3 branch locations (the “Branches”) to All In Credit Union. 22nd State Bank will continue to operate as an independent community bank through its remaining four locations in south Alabama.
Olsen Palmer LLC served as financial advisor to FEB Bancshares Inc. in conjunction with this transaction.
The transaction has been unanimously approved by the Board of Directors of both institutions and has received all outstanding required regulatory approvals.
All In Credit Union has assumed certain deposit liabilities and has acquired certain loans, as well as cash, real property, personal property and other fixed assets associated with the Branches. The deposit and loan balances associated with the transaction were approximately $70 million and $60 million, respectively.
Olsen Palmer is a top 3 bank M&A advisor – and the #2 sell-side advisor – based on the number of transactions advised since January 1, 2020 according to S&P Global.