Mississippi River Bank has entered into a definitive agreement to be acquired by Merchants & Marine Bancorp, Inc. (“MNMB”, OTCQX: MNMB).
Olsen Palmer LLC served as financial advisor to Mississippi River Bank in connection with the proposed transaction.
Upon completion of the proposed transaction, Mississippi River Bank will continue to operate under its existing branding as a division of MNMB’s wholly-owned bank subsidiary, Merchants & Marine Bank. Current Mississippi River Bank Chief Executive Officer and its President / Chief Operations Officer will both continue to lead the Mississippi River Bank division in their existing roles.
The transaction, which is subject to customary closing conditions including the approval of Mississippi River Bank’s shareholders and the receipt of all necessary regulatory approvals, is expected to be completed during the first quarter of 2024.