FEB Bancshares, Inc., parent company of 22nd State Bank (“22SB”), has completed its acquisition of 1 banking location of Bank OZK (NASDAQ: OZK). Under the terms of the agreement 22nd State Bank acquired the physical location and most of the loan and deposit accounts associated with the branch.
Olsen Palmer LLC served as exclusive financil advisor to 22nd State Bank and its parent company.
22SB now has total assets of approximately $250 million and six full-service locations. 22SB acquired $6 million in loans and assumed $61 million in deposits as a result of the transaction. The deposit premium was not disclosed. The transaction was originally announced on July 1, 2020 and was completed on November 13, 2020.
Olsen Palmer LLC is 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.
OLSEN PALMER ADVISES 22ND STATE BANK IN ITS ACQUISITION OF 1 BRANCH OF BANK OZK