Olsen Palmer is pleased to announce that Progressive Financial Group Inc. (“Progressive”) and its wholly-owned subsidiary Progressive Savings Bank have been acquired by SmartFinancial, Inc. (“SmartFinancial”, NASDAQ: SMBK), parent company of SmartBank.
Olsen Palmer LLC served as exclusive financial advisor and issued a Fairness Opinion to Progressive Financial Group Inc.
The transaction consideration, comprised of 1,292,592.556 shares of SmartFinancial stock and $14.6 million in cash, was valued at approximately $41.7 million at the time of the agreement.
With the completion of the merger, Ottis H. Phillips, Chief Executive Officer of Progressive, has joined the board of SmartFinancial.
Based on financial information as of December 31, 2019, the combined company now has total assets of approximately $2.7 billion and 35 branches across 3 states.
If you would like additional information or have any questions, whether on this transaction, M&A, valuation, or strategic options, please feel free to contact me at 202-627-2043 or colsen@olsenpalmer.com.