Cumberland Bancshares, Inc., parent company of Citizens Bank ($291 million in assets), has been 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.
As a result of the transaction, the combined franchise now has assets of approximately $2.1 billion, deposits of $1.8 billion, and loans of approximately $1.7 billion as of June 30, 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.
Olsen Palmer LLC is one of the top 3 bank M&A advisory firms nationwide according to S&P Global, as ranked by the number of whole-bank M&A transactions advised upon in the twelve-month period ended August 31, 2021.