OLSEN PALMER ADVISES DURAND BANCORP, INC. IN ITS AGREEMENT TO BE ACQUIRED BY HIGH POINT FINANCIAL SERVICES, INC.

Durand Bancorp, Inc., parent company of Durand State Bank, has entered into a definitive agreement to be acquired by High Point Financial Services, Inc., parent company of Solutions Bank in an all-cash transaction.

Olsen Palmer LLC served as exclusive financial advisor to Durand Bancorp, Inc.

The proposed transaction, which has been approved by the board of directors of both companies but remains subject to customary closing conditions as well as approval by Durand Bancorp Inc.’s stockholders and by applicable regulatory authorities, is expected to be completed in Q3 2021.

Olsen Palmer is 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.

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OLSEN PALMER ADVISES FIRST FARMERS STATE BANK IN ITS SALE TO PONTIAC BANCORP, INC.

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.

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OLSEN PALMER ADVISES TOWN-COUNTRY NATIONAL BANK IN ITS AGREEMENT TO BE ACQUIRED BY UNITED BANK

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.

TRANSACTION ANNOUNCEMENT (PDF)

OLSEN PALMER ADVISES FIRST STATE CAPTIAL CORPORATION, M&F BANCORP, INC. IN MERGER-OF-EQUALS

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.

TRANSACTION ANNOUNCEMENT (PDF)

OLSEN PALMER ADVISES DEWITT FIRST BANKSHARES CORPORATION IN ITS AGREEMENT TO BE ACQUIRED BY SOUTHERN BANCORP, INC.

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.

TRANSACTION ANNOUNCEMENT (PDF)