OLSEN PALMER ADVISES CITIZENS BANK IN ITS AGREEMENT TO BE ACQUIRED BY BANK OF HOLLY SPRINGS

Marshall Financial Corporation (“MFC”), parent company of Citizens Bank, and Holly Springs Bancshares, Inc. (“HSBI”), parent company of Bank of Holly Springs, have entered into an Agreement and Plan of Merger pursuant to which MFC shall merge with and into HSBI while Citizens Bank shall be merged with and into Bank of Holly Springs.

Olsen Palmer LLC served as exclusive financial advisor and issued a fairness opinion to Marshall Financial Corporation.

In connection with this transaction, MFC shareholders will receive cash consideration and will also be issued a one-time special cash dividend prior to closing, subject to adjustments and certain requirements as more fully described in the Agreement.

Upon completion of the merger, Tracy Davidson, Citizens Bank’s President and CEO, will join Bank of Holly Springs’ management team.

The transaction, which has been approved unanimously by each company’s Board of Directors but remains subject to customary closing conditions including the approval of MFC’s shareholders and the receipt of required regulatory approvals, is expected to close in the fourth quarter of 2020.

Olsen Palmer LLC is ranked as the #2 bank M&A advisor nationwide according to S&P Global, based on the number of whole-bank M&A transactions advised upon in 2020 year-to-date

If you have any questions or would like additional information, please feel free to contact me at 202-627-2043 or colsen@olsenpalmer.com.

DOWNLOAD TRANSACTION ANNOUNCEMENT (PDF)

OLSEN PALMER ADVISES AMERICAN BANCSHARES CORP. IN ITS SALE TO CITIZENS BANCORP INVESTMENT, INC.

Olsen Palmer is pleased to announce that American Bancshares Corp. (“American”), parent company of American Bank & Trust of the Cumberlands, and Citizens Bancorp Investment, Inc. (“Citizens”), parent company of Citizens Bank of Lafayette, have entered into a definitive agreement providing for the merger of American with and into Citizens.

Olsen Palmer LLC served as exclusive financial advisor and issued a fairness opinion to American Bancshares Corp.

Subsequent to the merger, American Bank & Trust will become a part of Citizens Bank of Lafayette while American Bank & Trust’s offices will continue to operate under their current name for a period of time. The combined bank will have total assets of approximately $1.2 billion and 22 banking locations.

The transaction, which has been unanimously approved by the boards of directors of Citizens and American but remains subject to customary closing conditions including receipt of regulatory approvals and approval by American shareholders, is expected to close in the fourth quarter of 2020.

Olsen Palmer LLC is ranked as a top 3 bank M&A advisor across the entire U.S. according to S&P Global, based on the number of whole-bank M&A transactions advised upon in 2020 year-to-date 

If you have any questions or would like additional information, please feel free to contact me at 202-627-2043 or colsen@olsenpalmer.com.

DOWNLOAD TRANSACTION ANNOUNCEMENT (PDF)

OLSEN PALMER ADVISES 22ND STATE BANK IN ITS AGREEMENT TO ACQUIRE ONE BRANCH FROM BANK OZK

Olsen Palmer is pleased to announce that 22ND State Bank (“22SB”), wholly-owned subsidiary of FEB Bancshares, Inc., has entered into a Purchase & Assumption Agreement whereby it will acquire a banking location of Bank OZK (Nasdaq: OZK).

Olsen Palmer LLC served as exclusive financial advisor to FEB Bancshares, Inc., parent of 22ND State Bank.

Under the terms of the agreement, 22SB will acquire the physical location and most of the loan and deposit accounts associated with the Geneva, AL branch. Following completion of the transaction, 22SB will have total assets in excess of $225 million and six full-service locations.

The proposed transaction is subject to customary closing conditions as well as approval by applicable bank regulatory authorities. It is expected to be completed in the second half of 2020.

If you would like additional information or have any questions on this transaction or on M&A, valuation, or strategic options, please feel free to contact me at 205-878-3392 or mrediker@olsenpalmer.com.

About Olsen Palmer LLC

Olsen || Palmer is an independent investment banking firm that exclusively advises financial institutions across the spectrum of Mergers & Acquisitions out of our headquarters in Washington DC and regional offices in Chicago, Denver, and Birmingham. By design, we combine the extensive M&A expertise of a traditional diversified firm with the agility, innovation, and independence of a boutique firm. Specializing in sell-side M&A advisory, buy-side M&A advisory, valuations, fairness opinions, branch acquisitions and divestitures, and Board-level assessments of strategic options.

Olsen Palmer LLC was ranked as a Top 3 bank M&A advisory firm according to S&P Global, based on the number of nationwide whole-bank sell side M&A transactions advised upon in 2019. Christopher Olsen, the firm’s Managing Partner, was ranked the #1 bank M&A advisor across the entire U.S. according to S&P Global, based on the total number of nationwide whole-bank M&A transactions on which he served as advisor in 2019.

For more information, please visit www.OlsenPalmer.com.

DOWNLOAD TRANSACTION (PDF)

OLSEN PALMER ADVISES BANKFIRST IN ITS PURCHASE OF TRADERS & FARMERS BANK

Olsen Palmer is pleased to announce that BankFirst Capital Corporation ("BankFirst“, OTC:BFCC), parent of BankFirst Financial Services, has acquired Traders & Farmers Bancshares, Inc., ("T&F"), parent of Traders & Farmers Bank, for consideration comprised of stock and cash.

Olsen Palmer LLC served as exclusive financial advisor to BankFirst Capital Corporation in connection with this transaction.

The acquisition results in BankFirst having 32 locations serving Mississippi and Alabama, with total assets of approximately $1.8 billion, gross loans of approximately $1.0 billion and total deposits of approximately $1.5 billion. Three representatives from T&F have joined the board of BankFirst Financial Services, Inc.

If you have any questions or would like additional information, please feel free to contact me at 202-627-2043 or colsen@olsenpalmer.com.

About Olsen Palmer LLC

Olsen || Palmer is an independent investment banking firm that exclusively advises financial institutions across the spectrum of Mergers & Acquisitions out of our headquarters in Washington DC and regional offices in Chicago, Denver, and Birmingham. By design, we combine the extensive M&A expertise of a traditional diversified firm with the agility, innovation, and independence of a boutique firm. Specializing in sell-side M&A advisory, buy-side M&A advisory, valuations, fairness opinions, branch acquisitions and divestitures, and Board-level assessments of strategic options.

Olsen Palmer LLC was ranked as a Top 3 bank M&A advisory firm according to S&P Global, based on the number of nationwide whole-bank sell side M&A transactions advised upon in 2019. Christopher Olsen, the firm’s Managing Partner, was ranked the #1 bank M&A advisor across the entire U.S. according to S&P Global, based on the total number of nationwide whole-bank M&A transactions on which he served as advisor in 2019.

TRANSACTION ANNOUNCEMENT (PDF)

OLSEN PALMER ADVISES MERCHANTS BANK OF BANGOR IN ITS SALE TO FIDELITY BANK

Olsen Palmer is pleased to announce that Bangor, Pennsylvania-based MNB Corporation (OTCPink: MNBC, “MNB”), parent company of Merchants Bank of Bangor (“Merchants Bank”), has been acquired by Dunmore, Pennsylvania-based Fidelity D&D Bancorp, Inc. (NASDAQ: FDBC, “Fidelity”), parent company of Fidelity Deposit and Discount Bank (“Fidelity Bank”).

Olsen Palmer LLC served as exclusive financial advisor and issued a fairness opinion to MNB Corporation, parent of Merchants Bank.

MNB shareholders received as consideration 1.039 shares of Fidelity common stock for each share of MNB stock owned as of the closing date. Based on Fidelity’s closing price at announcement, the transaction consideration represented a total value of $78.7 million, equivalent to 2.0x MNB’s tangible book value at the time.

Two representatives from Merchants Bank will be joining the board of directors for Fidelity and Fidelity Bank, respectively. Fidelity Bank operates 21 retail community banking offices in Northeastern and Eastern Pennsylvania.

DOWNLOAD TRANSACTION ANNOUNCEMENT (PDF)