DeWitt First Bankshares Corporation, parent company of Arkansas County Bank, has completed its 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.
DeWitt First Bankshares Corporation has 3 branches with total assets of approximately $190 million as of Q1 2021. As a result of the transaction, Southern Bancorp Bank has increased the number of its branch locations to 52 and now has total assets of approximately $2.0 billion.
Olsen Palmer LLC is the #2 bank M&A advisor nationwide according to S&P Global, based on the number of whole-bank sell-side M&A deals advised upon over the last two years with seller assets less than $5 billion.