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

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 completed their transaction to merge American with and into Citizens.

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

American Bank & Trust has become a part of Citizens Bank of Lafayette while American Bank & Trust’s offices continue to operate under their current name for a period of time. The combined bank now has total assets of approximately $1.3 billion and 22 banking locations and has become the 18th largest bank based in Tennessee as ranked by total assets.

The transaction has been unanimously approved by the boards of directors of Citizens and American and additionally has been approved by American shareholders and applicable regulators. The transaction was announced on July 9, 2020 and closed on November 30, 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.

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 ADVISED ESCAMBIA COUNTY BANK IN ITS SALE TO AMERIFIRST BANK

Escambia County Bank (“ECB”) has been acquired by USAL Bancorp, Inc., parent company of AmeriFirst Bank (“AmeriFirst”).

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

In connection with the transaction, ECB shareholders were issued a one-time special cash dividend prior to closing and received cash consideration from AmeriFirst which was subject to adjustments and certain requirements. Valuation multiples and the consideration value were not publicly disclosed.

The transaction, which was approved unanimously by each company’s Board of Directors, also received approval from ECB’s shareholders and applicable regulators.

As  result of the transaction, AmeriFirst Bank now has total assets in excess of $280 million and a total of 5 branches.

Olsen Palmer LLC is 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 ADVISED CITIZENS BANK IN ITS SALE TO BANK OF HOLLY SPRINGS

Marshall Financial Corporation (“MFC”), parent company of Citizens Bank, has been acquired by Holly Springs Bancshares, Inc. (“HSBI”), parent company of 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 received cash consideration and were also issued a one-time special cash dividend prior to closing, which was subject to adjustments and certain requirements as more fully described in the Agreement.

Citizens Bank’s President and CEO has joined Bank of Holly Springs’ management team as a result of the merger.

The transaction, which was approved unanimously by each company’s Board of Directors, also received approval from MFC’s shareholders and applicable regulators.

Olsen Palmer LLC is 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.

TRANSACTION ANNOUNCEMENT (PDF)

OLSEN PALMER ADVISES 22ND STATE BANK IN ITS ACQUISITION OF 1 BRANCH OF BANK OZK

FEB Bancshares, Inc., parent company of 22nd State Bank (“22SB”), has completed its acquisition of 1 banking location of Bank OZK (NASDAQ: OZK). Under the terms of the agreement 22nd State Bank acquired the physical location and most of the loan and deposit accounts associated with the branch.

Olsen Palmer LLC served as exclusive financil advisor to 22nd State Bank and its parent company.

22SB now has total assets of approximately $250 million and six full-service locations. 22SB acquired $6 million in loans and assumed $61 million in deposits as a result of the transaction. The deposit premium was not disclosed. The transaction was originally announced on July 1, 2020 and was completed on November 13, 2020.

Olsen Palmer LLC is 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.

TRANSACTION ANNOUNCEMENT (PDF)

OLSEN PALMER ADVISES EUREKA SAVINGS BANK IN ITS AGREEMENT TO ACQUIRE WENONA BANCORP INC.

Eureka Savings Bank announced the signing of a definitive merger agreement with Wenona Bancorp Inc., parent company of Wenona State Bank. Under the terms of the agreement, Eureka Savings Bank will acquire Wenona Bancorp Inc. in an all cash transaction. The merger agreement has been unanimously approved by the board of directors of both banks and is expected to close in the first quarter of 2021, which is subject to customary closing conditions including regulatory approval and approval by the shareholders of Wenona Bancorp Inc.

Olsen Palmer LLC served as exclusive financial advisor to Eureka Savings Bank.

Eureka Savings Bank President and Chief Executive Officer, John McCormick said, “We are excited about this partnership, which introduces Eureka Savings Bank to the Marshall County community and we look forward to earning the continued loyalty and business of Wenona State Bank’s customers.”

Olsen Palmer LLC is 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.

TRANSACTION ANNOUNCEMENT (PDF)