SunSouth Bank, the banking subsidiary of SunSouth Bancshares, Inc. announced that it has entered into an agreement to be acquired by All In Credit Union (“All In”). The transaction will be structured as a purchase and assumption transaction, and the consideration will be all-cash. Other financial terms were not disclosed.
Olsen Palmer LLC served as financial advisor to SunSouth Bancshares, Inc. in conjunction with this transaction.
The transaction, which has been unanimously approved by the Board of Directors of both institutions but remains subject to customary conditions including the approval of SunSouth Bancshares, Inc.’s shareholders and the receipt of required regulatory approvals, is expected to close no later than the first quarter of 2024.
Founded in 1954, SunSouth Bank is a full-service community bank with total assets of nearly $115 million. Upon completion of the transaction, All In will have total assets of approximately $3.0 billion and 33 locations.
Olsen Palmer remains one of the top-ranked bank M&A advisors nationwide according to S&P Global based on the number of whole-bank M&A transactions advised upon 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.