Burlington Holdings, Inc., the holding company of Bank of Burlington, and Farmers & Merchants Bank of Colby (“F&M”) jointly announced that they have entered into a stock purchase agreement whereby F&M will acquire all of the shares of Bank of Burlington common stock.
Olsen Palmer LLC served as financial advisor to Burlington Holdings, Inc. in conjunction with this transaction.
The acquisition, which is subject to customary regulatory and shareholder approvals, is expected to be completed in the Q4 2022.
Bank of Burlington was founded in 1931 and operates two full-service branch offices in Colorado. Bank of Burlington had total assets of approximately $75 million as of June 30, 2022.
Farmers & Merchants Bank of Colby is a subsidiary of the multi-bank holding company, Security Bancshares, Inc., headquartered in Scott City, Kansas. F&M was founded in 1887 and operates two full-service branch offices in Colby, Kansas. Additionally, in 2023 they will add a new branch in Bennett, CO. As of June 30, 2022, F&M had total assets of approximately $336 million.
On a pro forma basis, F&M will have five full-service banking branches – 2 in Kansas and 3 in Colorado – and total assets of approximately $411 million, based on data as of June 30, 2022.
Olsen Palmer 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 the firm has advised upon over the last three years.