Olsen Palmer is pleased to announce that Farmers and Merchants Bancshares, Inc. (OTC PINK: FMFG, “Farmers and Merchants”), parent company of Farmers and Merchants Bank, has acquired Carroll Bancorp, Inc. (OTC PINK: CROL, “Carroll"), parent company of Carroll Community Bank, in an all-cash transaction.
Olsen Palmer LLC served as exclusive financial advisor and issued a fairness opinion to Farmers and Merchants Bancshares, Inc.
Farmers and Merchants anticipates that the transaction will be immediately accretive to its earnings per share, before the impact of one-time transaction expenses.
The transaction, which was approved by the Boards of Directors of both companies, by Carroll’s stockholders, and by applicable bank regulatory authorities, was completed October 1, 2020.