CoVantage Credit Union has entered into an agreement to purchase substantially all of the assets and liabilities of LincolnWay Community Bank, a wholly-owned subsidiary of LWCBancorp, Inc.
Olsen Palmer LLC served as exclusive financial advisor to LWCBancorp, Inc.
While the agreement is contingent on obtaining regulatory and LincolnWay shareholder approvals, the proposed transaction has been unanimously approved by the boards of directors of both companies.
With the purchase LincolnWay’s 2 branches and assets of $277 million will be acquired by CoVantage, increasing their footprint to 21 branches and 500 employees. The purchase is targeted to be completed in the fourth quarter of 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.