New Millennium Bankshares, Inc. and its wholly-owned subsidiary Alliance Bank announced that they have entered into a definitive agreement under which Berco, Inc., the bank holding company for The Bennington State Bank (BSB), will acquire Alliance Bank.
Olsen Palmer LLC served as financial advisor to New Millennium Bankshares, Inc.
The merger agreement has been approved by the boards of directors of both holding companies and banks. The transaction is subject to customary closing conditions, including regulatory approvals and approval by New Millennium Bankshares, Inc. stockholders, and is expected to close in the fourth quarter of 2024.
Founded in 1998, Alliance Bank operates at two locations with $149 million in assets as of June 30th, 2024.