Transaction Announcement

OLSEN PALMER ADVISES MERCHANTS BANK OF BANGOR IN ITS AGREEMENT TO BE ACQUIRED BY FIDELITY BANK

Olsen Palmer is pleased to announce that MNB Corporation (OTCPink: MNBC, “MNB”), parent company of Bangor, Pennsylvania-based Merchants Bank (“Merchants Bank”), has agreed to be acquired by Fidelity D&D Bancorp, Inc. (NASDAQ: FDBC, “Fidelity”), parent company of Dunmore, Pennsylvania-based Fidelity Deposit and Discount Bank (“Fidelity Bank”), in an all-stock transaction valued at approximately $78.7 million.

Olsen Palmer LLC served as exclusive financial advisor and issued a Fairness Opinion to MNB Corporation.

Under the terms of the agreement, MNB shareholders will receive 1.039 shares of Fidelity common stock for each share of MNB common stock owned as of the closing date. Based on the closing price of Fidelity’s stock on December 9, 2019, the transaction consideration represents a per share value of $69.45 and a total value of approximately $78.7 million, equivalent to a price-to-tangible book value multiple of 2.0x.

The transaction, which has been unanimously approved by the boards of directors of both companies but remains subject to MNB shareholder approval, Fidelity shareholder approval, customary regulatory approvals, and other closing conditions as more fully described in the agreement, is expected to close in the second quarter of 2020. At closing, two representatives from MNB will join the Boards of Fidelity and Fidelity Bank, respectively.

Olsen Palmer LLC is now ranked as a Top 4 bank M&A advisor across the entire U.S. according to S&P Global, based on the number of whole-bank sell-side M&A transactions advised upon in 2019. This is the 7th community bank M&A transaction announced or completed in Q4 2019 upon which Olsen Palmer served as advisor.

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OLSEN PALMER ADVISED FIRST ALLIANCE BANK IN ITS SALE TO GUARANTY BANK & TRUST COMPANY

Olsen Palmer is pleased to announce that First Alliance Bancshares, Inc. and its banking subsidiary First Alliance Bank have been acquired by Guaranty Capital Corporation, the holding company for Guaranty Bank & Trust Company, in an all-cash transaction.

Olsen Palmer LLC served as exclusive financial advisor and issued a Fairness Opinion to First Alliance Bancshares, Inc.

Founded in 1999, First Alliance Bank had total assets of approximately $140 million and 4 branches. With this transaction, Guaranty Bank & Trust Company now has total assets of approximately $1.0 billion and 21 branches across Mississippi and Tennessee.

Olsen Palmer remains ranked as a Top 5 bank M&A advisor across the entire U.S. 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 THE UNION BANK IN ITS SALE TO FIRST GUARANTY BANK

Olsen Palmer is pleased to announce that Union Bancshares, Incorporated and its wholly-owned subsidiary The Union Bank (Marksville, LA) have been acquired by First Guaranty Bancshares, Inc. (NASDAQ: FGBI), the holding company for First Guaranty Bank (Hammond, LA), in an all-cash transaction valued at approximately $43.4 million, equivalent to a price-to-tangible book multiple of approximately 1.54x.

Olsen Palmer LLC served as exclusive financial advisor and issued a Fairness Opinion to Union Bancshares, Incorporated.

Founded in 1910, The Union Bank had total assets of approximately $260 million and operated 7 branches. With this transaction, First Guaranty Bank now has total assets of approximately $2.1 billion and 33 branches across Louisiana and Texas.

This is the 3rd whole-bank M&A transaction completed over the past week upon which Olsen Palmer served as advisor.

Olsen Palmer LLC remains a Top 5-ranked bank M&A advisor across the entire U.S. 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 THE FIRST NATIONAL BANK OF WYNNE IN ITS SALE TO FIRST FINANCIAL BANK

Olsen Palmer is pleased to announce that First National Corporation of Wynne and its banking subsidiary The First National Bank of Wynne have been acquired by First Financial Banc Corporation, holding company for First Financial Bank. Attached is a summary of the transaction.

Olsen Palmer LLC served as exclusive financial advisor and issued a Fairness Opinion to First National Corporation of Wynne.

Founded in 1915, The First National Bank of Wynne had total assets of approximately $340 million and 7 branches across 4 counties. With this transaction, First Financial Bank has total assets of approximately $1.4 billion and 17 branches in 9 counties across 2 states.

Olsen Palmer remains ranked as a Top 5 bank M&A advisor across the entire U.S. by 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 the M&A landscape, valuations, or strategic options please feel free to contact me at 202-627-2043 or colsen@olsenpalmer.com.

TRANSACTION ANNOUNCEMENT (PDF)

OLSEN PALMER ADVISES PROGRESSIVE SAVINGS BANK IN ITS AGREEMENT TO BE ACQUIRED BY SMARTBANK FOR $41.7 MILLION

Olsen Palmer is pleased to announce that Progressive Financial Group Inc., (“Progressive”), the parent company for Progressive Savings Bank, has entered into a definitive agreement to be acquired by SmartFinancial, Inc. (“SmartFinancial”, NASDAQ: SMBK), parent company for SmartBank, in a stock and cash transaction valued at approximately $41.7 million

Olsen Palmer LLC served as exclusive financial advisor and issued a Fairness Opinion to Progressive Financial Group Inc.

The transaction consideration, which is comprised of 1,292,592.556 shares of SmartFinancial stock and $14.6 million in cash, is valued on an aggregate basis at approximately $41.7 million, based on SmartFinancial’s closing stock price on October 29, 2019.

Upon completion of the merger, Ottis H. Phillips, Chief Executive Officer of Progressive, will join the board of SmartFinancial.

The transaction, which is subject to customary closing conditions including the approval of Progressive shareholders and the receipt of all necessary regulatory approvals, is expected to be completed in the first half of 2020.

Olsen Palmer LLC is ranked as a Top 5 bank M&A advisor across the entire U.S. 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)