Cumberland Bancshares, Inc., parent company of Citizens Bank ($289 million in assets), has entered into a definitive agreement to be acquired by First Paragould Bankshares, Inc., parent company of First National Bank ($1.9 billion in assets).
Olsen Palmer LLC served as exclusive financial advisor and issued a fairness opinion to Cumberland Bancshares, Inc.
The transaction, which has been approved by the Board of Directors of both companies but remains subject to customary shareholder and regulatory approvals, is expected to be completed in the fourth quarter of 2021.
Fenimore, Kay, Harrison & Ford, LLP served as First Paragould Bankshares, Inc.’s legal advisor, while the firm of Baker, Donelson, Bearman, Caldwell & Berkowitz, PC served as Cumberland Bancshares, Inc.’s legal advisor.
With this transaction, Olsen Palmer LLC is the #2 bank M&A advisor nationwide according to S&P Global, as ranked by the number of whole-bank sell-side M&A transactions advised upon over the last twelve months.