Legacy Bank has merged with and into InBank, subsidiary of InBankshares, Corp (OTCQX: INBC).
Under the terms of the merger agreement, INBC issued 3,566,387 shares of INBC common stock and paid $21.25 million in cash to the shareholders of Legacy Bank in the aggregate. Additionally, prior to the closing of the transaction, Legacy distributed to its shareholders other real estate owned and other assets and paid its shareholders a special cash dividend.
Olsen Palmer LLC served as exclusive financial advisor to the Board of Directors of Legacy Bank.
Founded in 1907, Legacy Bank operated 9 branches and had approximately $484 million in total assets, $306 million in gross loans and $419 million in deposits as of March 31, 2022.
Olsen Palmer LLC remains one of the top 3 bank M&A advisory firms nationwide according to S&P Global based on the total number of bank M&A transactions advised upon over the past three years.