First Farmers State Bank, subsidiary of Minier Financial, Inc., has been acquired by Pontiac Bancorp, Inc., parent company of Bank of Pontiac.
Olsen Palmer LLC served as exclusive financial advisor to Minier Financial, Inc.
With this transaction, Olsen Palmer remains the #1 bank M&A advisor nationwide according to S&P Global, as ranked by the number of whole-bank sell-side M&A transactions advised upon over the last twelve months.
Town-Country National Bank (“TCNB”) has entered into a definitive agreement to be acquired by United Bancorporation of Alabama, Inc. (OTCQX:UBAB), parent company of United Bank (“United”). As a result of the transaction, TCNB will rebrand as Town-Country United Bank (“TCUB”) and operate as a separate banking subsidiary under United’s holding company.
Olsen Palmer LLC served as exclusive financial advisor and issued a fairness opinion to Town-Country National Bank.
As part of the agreement, TCNB shareholders will receive aggregate cash consideration of $28.5 million, with a portion of the consideration paid as a special dividend prior to the close of the transaction. Based on TCNB’s December 31, 2020 financials, the transaction represents a Price / Tangible Book Value (adjusted for special dividend) of 1.52x and a Price / Earnings of 15.9x (tax-adjusted).
Expected to close in early third quarter 2021, the transaction remains subject to customary closing conditions including the approval of TCNB shareholders and the receipt of all necessary regulatory approvals.
Olsen Palmer LLC is the #1 bank M&A advisor nationwide according to S&P Global, based on the number of whole-bank sell-side M&A transactions advised upon over the last twelve months.
First State Capital Corporation (“FSCC”), parent of First State Bank (“FSB”), and M&F Bancorp, Inc. (“MFB”), parent of Merchants & Farmers Bank (“M&F”), jointly announced a definitive agreement under which FSCC will merge with MFB and M&F through an all-stock merger with FSCC and M&F as the surviving entities.
Olsen Palmer LLC served as financial advisor to both First State Capital Corporation and M&F Bancorp, Inc.
The merger will form a combined community banking franchise with assets of approximately $230 million, deposits of $205 million, and loans of $120 million.
The transaction, which is expected to close in the second or third quarter of 2021, remains subject to customary approval by shareholders and applicable regulatory authorities as well as the satisfaction of other customary closing conditions provided in the merger agreement.
Olsen Palmer is the #2 bank M&A advisor nationwide according to S&P Global, based on number of whole-bank M&A deals advised upon in 2020.
DeWitt First Bankshares Corporation, parent company of Arkansas County Bank, has entered into an agreement to be acquired by Southern Bancorp, Inc., parent company of Southern Bancorp Bank.
Olsen Palmer LLC served as exclusive financial advisor and issued a fairness opinion to DeWitt First Bankshares Corporation.
Dover Dixon Horne, PLLC served as legal advisor to DeWitt First Bankshares Corporation while Friday, Eldredge & Clark, LLP served as legal advisor to Southern Bancorp, Inc.
The transaction, which is subject to customary regulatory and shareholder approvals, is expected to close in the second quarter of 2021.
Upon completion of the proposed transaction, Southern Bancorp will increase the number of its branch locations to 52 and will have total assets in excess of $1.8 billion.
Olsen Palmer is the #2 bank M&A advisor nationwide according to S&P Global, based on number of whole-bank M&A deals advised upon in 2020.
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.
