McLaughlin Holding Company, parent company of SENB Bank, and Central Bancshares, Inc., parent company of CBI Bank & Trust have jointly announced the signing of an Agreement and Plan of Merger whereby Central Bancshares will acquire McLaughlin Holding Company and merge SENB Bank into CBI Bank & Trust.
Olsen Palmer LLC served as financial advisor to McLaughlin Holding Company.
The transaction is subject to shareholder and regulatory approval and is anticipated to be completed in the third quarter of 2023.
SENB Bank was organized in 1961 and has total assets of approximately $337 million. After the completion of the transaction, Central Bancshares will have total assets in excess of $1.45 billion.
Olsen Palmer was one of the top-ranked bank M&A advisors nationwide in 2022 according to S&P Global based on the number of whole-bank M&A transactions upon which we advised, while, among those transactions in which the seller had total assets of $1 billion or less, Olsen Palmer was the #1 sell-side bank M&A advisor nationwide in 2022.