OLSEN PALMER ADVISES FARMERS & MERCHANTS BANK IN ITS ACQUISITION OF CARROLL COMMUNITY BANK

Olsen Palmer is pleased to announce that Farmers and Merchants Bancshares, Inc. (OTC PINK: FMFG, “Farmers and Merchants”), parent company of Farmers and Merchants Bank, has acquired Carroll Bancorp, Inc. (OTC PINK: CROL, “Carroll"), parent company of Carroll Community Bank, in an all-cash transaction.

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

Farmers and Merchants anticipates that the transaction will be immediately accretive to its earnings per share, before the impact of one-time transaction expenses.

The transaction, which was approved by the Boards of Directors of both companies, by Carroll’s stockholders, and by applicable bank regulatory authorities, was completed October 1, 2020.

TRANSACTION ANNOUNCEMENT (PDF)

OLSEN PALMER ADVISES REYNOLDS STATE BANK IN ITS AGREEMENT TO BE ACQUIRED BY PEOPLES NATIONAL BANK OF KEWANEE

Reynolds State Bank has agreed to be acquired by Peoples National Bank of Kewanee. Financial terms of the deal were not disclosed. The agreement is contingent upon the approval of bank regulatory agencies and will likely close in the first quarter of 2021.

Olsen Palmer LLC served as financial advisor to Reynolds State Bank.

Peoples National Bank of Kewanee, which is a unit of the Peoples Financial Corp. of Illinois Inc., will increase its total assets by about $100 million, resulting in approximately $500 million in total assets after the acquisition is complete.

Reynolds State Bank President Norman Wait said “Peoples National Bank of Kewanee has positioned itself much like Reynolds State Bank, being committed to a strong and safe Community Bank with an excellent reputation in the communities they serve.”

Olsen Palmer LLC is a top 2-ranked 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.

TRANSACTION ANNOUNCEMENT (PDF)

OLSEN PALMER ADVISES FIRST BANK OF LINDEN IN ITS AGREEMENT TO BE ACQUIRED BY ALABAMA ONE

First Bank of Linden, the banking subsidiary of First Linden Bancshares, Inc., has entered into an agreement to be acquired by Alabama ONE. The transaction is structured as a purchase and assumption and the consideration is all-cash.

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

This transaction highlights our ability to drive optimal results for our clients across market conditions. Other transactions we have recently advised on include: 

• Escambia County Bank agreeing to be acquired by AmeriFirst Bank on August 18th

• Citizens Bank agreeing to be acquired by Bank of Holly Springs on July 31st

• American Bank & Trust agreeing to be acquired by Citizens Bank of Lafayette on July 9th

• 22ND State Bank agreeing to acquire 1 branch from Bank OZK on July 1st

• BankFirst acquiring Traders & Farmers Bank on July 1st

• Merchants Bank being acquired by Fidelity Bank on May 1st

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

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OLSEN PALMER ADVISES ESCAMBIA COUNTY BANK IN ITS AGREEMENT TO BE ACQUIRED BY AMERIFIRST BANK

Escambia County Bank (“ECB”) and USAL Bancorp, Inc., parent company of AmeriFirst Bank, jointly announced today their entry into an Agreement and Plan of Merger pursuant to which ECB will be merged with and into AmeriFirst Bank.

Olsen Palmer LLC served as exclusive financial advisor and issued a fairness opinion to Escambia County Bank.

In connection with this transaction, ECB 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.

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 ECB’s shareholders and the receipt of required regulatory approvals, is expected to close no later than the first quarter of 2021.

The transaction also highlights Olsen Palmer’s ability to help our clients achieve their strategic objectives across market conditions.

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.

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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.

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