DeWitt First Bankshares Corporation, parent company of Arkansas County Bank, has entered into an agreement to be acquired by Southern Bancorp, Inc., parent company of Southern Bancorp Bank.
Olsen Palmer LLC served as exclusive financial advisor and issued a fairness opinion to DeWitt First Bankshares Corporation.
Dover Dixon Horne, PLLC served as legal advisor to DeWitt First Bankshares Corporation while Friday, Eldredge & Clark, LLP served as legal advisor to Southern Bancorp, Inc.
The transaction, which is subject to customary regulatory and shareholder approvals, is expected to close in the second quarter of 2021.
Upon completion of the proposed transaction, Southern Bancorp will increase the number of its branch locations to 52 and will have total assets in excess of $1.8 billion.
Olsen Palmer is the #2 bank M&A advisor nationwide according to S&P Global, based on number of whole-bank M&A deals advised upon in 2020.
OLSEN PALMER ADVISES DEWITT FIRST BANKSHARES CORPORATION IN ITS AGREEMENT TO BE ACQUIRED BY SOUTHERN BANCORP, INC.