OLSEN PALMER ADVISES CUMBERLAND BANCSHARES, INC. IN ITS AGREEMENT TO BE ACQUIRED BY FIRST PARAGOULD BANKSHARES, INC.

Cumberland Bancshares, Inc., parent company of Citizens Bank ($289 million in assets), has entered into a definitive agreement to be acquired by First Paragould Bankshares, Inc., parent company of First National Bank ($1.9 billion in assets).

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

The transaction, which has been approved by the Board of Directors of both companies but remains subject to customary shareholder and regulatory approvals, is expected to be completed in the fourth quarter of 2021.

Fenimore, Kay, Harrison & Ford, LLP served as First Paragould Bankshares, Inc.’s legal advisor, while the firm of Baker, Donelson, Bearman, Caldwell & Berkowitz, PC served as Cumberland Bancshares, Inc.’s legal advisor.

With this transaction, Olsen Palmer LLC is the #2 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.

TRANSACTION ANNOUNCEMENT (PDF)

OLSEN PALMER ADVISES EUREKA SAVINGS BANK IN ITS ACQUISITION OF WENONA BANCORP, INC.

Eureka Savings Bank, founded in 1885, has acquired Wenona Bancorp, Inc., parent company of Wenona State Bank, founded in 1934, in an all-cash transaction.

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

With the transaction, Eureka Savings Bank has expanded its branch network to five locations. In addition, Eureka’s total assets have increased to approximately $425 million as a result of the combination. President of Wenona State Bank Mike Flahaven has joined Eureka Savings Bank as a Senior Vice President.

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 deals advised upon in 2020.

TRANSACTION ANNOUNCEMENT (PDF)

OLSEN PALMER ADVISES MACKINAW VALLEY FINANCIAL SERVICES, INC. IN ITS AGREEMENT TO BE ACQUIRED BY FIRST BANCORP OF TAYLORVILLE, INC.

Mackinaw Valley Financial Services, Inc., parent company of First Security Bank, founded in 1907, has entered into an Agreement and Plan of Merger whereby it will be acquired by First Bancorp of Taylorville, Inc., parent company of First National Bank in Taylorville, founded in 1956.

Olsen Palmer LLC served as exclusive financial advisor to Mackinaw Valley Financial Services, Inc.

The proposed transaction, which has been approved by the boards of directors of both companies but remains subject to customary closing conditions as well as approval by Mackinaw Valley Financial Services, Inc.’s stockholders and by applicable bank regulatory authorities, is expected to be completed in the second half of 2021.

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 deals advised upon in 2020.

TRANSACTION ANNOUNCEMENT (PDF)

OLSEN PALMER ADVISES FIRSTBANC OF ALABAMA, INC. IN ITS AQUISITION OF SOUTHFIRST BANK

FirstBanc of Alabama, Inc., parent company of First Bank of Alabama, has acquired 100% of the stock of SouthFirst Bank in an all-cash transaction.

Olsen Palmer LLC served as exclusive financial advisor to FirstBanc of Alabama, Inc.

First Bank of Alabama had 8 branches and total assets of $720 million while SouthFirst Bank had 3 branches and total assets of $95 million. The transaction enhances First Bank of Alabama’s presence in Talladega County, expands their reach into Clanton and Chilton County, and results in  consolidated total assets in excess of $800 million.

The transaction was unanimously approved by the Board of Directors of both institutions and by applicable bank regulatory authorities.

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 deals advised upon in 2020.

TRANSACTION ANNOUNCEMENT (PDF)

OLSEN PALMER ADVISES CAMP GROVE BANCORP, INC. IN ITS SALE TO KATZ ACQUISITION CORPORATION LLC

Camp Grove Bancorp, Inc., parent company of Camp Grove State Bank (“CGSB”), has been acquired by Katz Acquisition Corporation LLC (“Katz Acquisition Corp.”), an affiliate of Katz Capital.

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

Under the terms of the agreement, Katz Acquisition Corp. acquired 100 percent of the outstanding stock of Camp Grove Bancorp, 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

TRANSACTION ANNOUNCEMENT (PDF)