Town-Country National Bank (“TCNB”) has been acquired by United Bancorporation of Alabama, Inc. (OTCQX:UBAB), parent company of United Bank (“United”). As a result of the transaction, TCNB will rebrand as Town-Country United Bank (“TCUB”) and will operate as a separate banking subsidiary under United’s holding company.
Olsen Palmer LLC served as exclusive financial advisor and issued a fairness opinion to Town-Country National Bank.
As part of the agreement, TCNB shareholders received aggregate cash consideration of $28.5 million, with a portion of the consideration paid as a special dividend prior to the close of the transaction. At the time of Agreement, the transaction represented a Price / Tangible Book Value (adjusted for special dividend) of 1.52x and a Price / Earnings of 15.9x (tax-adjusted).
As a result of the transaction, United Bank has increased the number of its branch locations to 22 and now has total assets of approximately $1.1 billion.
Olsen Palmer LLC is one of the top 2 ranked bank M&A advisory firms nationwide according to S&P Global, based on the number of whole-bank sell-side M&A transactions advised upon over the last twelve months in which the seller had assets below $5.0 billion.