OLSEN PALMER ADVISES NORTH SHORE BANK IN ITS AGREEMENT TO SELL 2 BRANCHES TO ROYAL SAVINGS BANK

Olsen Palmer is pleased to announce that North Shore Bank, F.S.B. (“North Shore”) has entered into a definitive purchase and assumption agreement whereby North Shore will sell 2 branches to Royal Savings Bank, subsidiary of Royal Financial, Inc. (“Royal”, OTCQX: RYFL).

Olsen Palmer LLC served as exclusive financial advisor to North Shore Bank, F.S.B. in connection with this transaction.

Upon completion of this transaction, Royal Savings will assume approximately $42 million in total deposits in addition to substantially all the fixed assets of both branch locations.

The transaction, which has received approvals from each party’s board of directors but remains subject to regulatory approvals and other customary closing conditions, is expected to close in the first quarter of 2020.

Olsen Palmer remains a Top 5 bank M&A advisory firm according to S&P Global, based on the number of whole-bank sell-side M&A transactions advised upon in 2019 year-to-date.

TRANSACTION ANNOUNCEMENT (PDF)

OLSEN PALMER ADVISED FARMERS & MERCHANTS BANK OF ORFORDVILLE IN ITS SALE TO BANK OF BRODHEAD

Olsen Palmer is pleased to announce that Farmers & Merchants Bank of Orfordville (“Farmers & Merchants Bank”) has been acquired by Brodhead Bancshares, Inc., parent of The Bank of Brodhead.

Olsen Palmer LLC served as exclusive financial advisor to Farmers & Merchants Bank in connection with this transaction.

Brodhead Bancshares, Inc. is now the parent company of both banks as Farmers & Merchants Bank will be merged with and into The Bank of Brodhead at a future date.

Olsen Palmer remains ranked as a Top 5 bank M&A advisory firm according to SNL Financial/S&P Global, based on the number of whole-bank sell-side M&A transactions advised upon in 2019 year-to-date.

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OLSEN PALMER ADVISES PARENT COMPANY OF COMMUNITY BANK & TRUST IN ITS AGREEMENT TO BE ACQUIRED FOR $38.2 MILLION IN STOCK AND CASH

Olsen Palmer is pleased to announce that Community Bank & Trust and its parent company Tennessee Community Bank Holdings, Inc. (“TCBH”) have entered into a definitive agreement to be acquired by Reliant Bancorp, Inc. (“Reliant”, NASDAQ: RBNC), parent company for Reliant Bank, in a stock and cash transaction valued at $38.2 million, based on Reliant’s per share closing price on September 16, 2019.

Olsen Palmer LLC served as exclusive financial advisor and issued a Fairness Opinion to TCBH, the parent company for Community Bank & Trust.

Under the terms of the agreement, shareholders of TCBH will receive 0.769 shares of Reliant common stock, subject to certain adjustments provided for in the merger agreement, and $17.13 in cash in exchange for each share of common stock. TCBH options outstanding are to be cashed out. Reliant expects the acquisition to be 10.5% accretive to earnings per common share in 2020, including fully realized cost savings, and 5.3% dilutive to tangible book value per share at closing with an earnback period of less than three years. The aggregate consideration is comprised of approximately 50% stock and 50% cash.

The transaction, which has been approved by the boards of directors of both Reliant and TCBH but remains subject to customary regulatory and shareholder approvals, is expected to close in the first quarter of 2020.

With this transaction, Olsen Palmer remains a Top 3-ranked bank M&A advisor across the entire United States according to S&P Global, based on the number of whole-bank sell-side M&A transactions advised upon in 2019 year-to-date.

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.

TRANSACTION ANNOUNCEMENT (PDF)

OLSEN PALMER ADVISED NORTHSIDE BANCSHARES, INC. IN ITS MERGER WITH FIRST CHATSWORTH BANKSHARES, INC.

Olsen Palmer is pleased to announce that NorthSide Bancshares, Inc. (“NBI”), parent of NorthSide Bank (“NorthSide”), and First Chatsworth Bankshares, Inc. (“FCBI”), parent of First National Community Bank (“FNCB”), have merged in an all-stock transaction

Olsen Palmer LLC served as exclusive financial advisor and issued a fairness opinion to Northside Bancshares, Inc.

The combined organization, which operates as First National Community Bank, now has approximately $300 million in assets, $250 million in deposits, 7 branches across 4 Georgia counties, and a loan production office in Chattanooga, Tennessee.

Olsen Palmer LLC remains ranked as a top 3 bank M&A advisor across the entire United States according to SNL Financial/S&P Global, based on the number of whole-bank sell-side M&A transactions advised upon in 2019 year-to-date.

If you would like additional information or have any questions - on M&A, valuation, or strategic options - please feel free to contact me at 202-627-2043 or colsen@olsenpalmer.com.

TRANSACTION ANNOUNCEMENT (PDF)

OLSEN PALMER ADVISES THE POPLAR GROVE STATE BANK IN ITS AGREEMENT TO BE ACQUIRED BY FORRESTON STATE BANK

Olsen Palmer is pleased to announce that The Poplar Grove State Bank has entered into a definitive agreement to be acquired by High Point Financial Services, Inc., holding company for Forreston State Bank, in an all-cash transaction.

Olsen Palmer LLC served as exclusive financial advisor to The Poplar Grove State Bank.

The transaction, which has been approved by the Board of Directors of both companies but remains subject to customary regulatory and shareholder approvals, is expected to close in the fourth quarter of 2019.

With this transaction, Olsen Palmer is ranked as a Top 3 bank M&A advisor across the entire U.S. according to S&P Global, as ranked based on the number of whole-bank sell-side M&A transactions advised upon in 2019 year-to-date.

TRANSACTION ANNOUNCEMENT (PDF)