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”), consummated their merger transaction in which FSCC has merged with MFB and M&F through an all-stock merger-of-equals 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.

With the merger, the combined franchise now has assets of approximately $270 million, deposits of $230 million, and loans of approximately $110 million.

Jones Walker LLP served as legal advisor to First State Capital Corporation while Adams & Reese LLP served as legal counsel to M&F Bancorp, Inc.

Olsen Palmer LLC is one of the top 3 banks M&A advisory firms 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 DURAND BANCORP, INC. IN ITS SALE TO HIGH POINT FINANCIAL SERVICES, INC.

Durand Bancorp, Inc., parent company of Durand State Bank, has been 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.

As a result of the transaction, Solutions Bank now has 7 total branch locations, total assets of approximately $445 million, total deposits of  approximately $390 million, and total loans of approximately $205 million based on financial data as of June  30, 2021. Additionally, Solutions Bank’s branch footprint expands into Winnebago County.

Olsen Palmer LLC is one of the top 2 bank M&A advisory firms 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 in which the seller had assets below $5 billion.

Transaction Announcement (PDF)

OLSEN PALMER ADVISES TOWN-COUNTRY NATIONAL BANK IN ITS SALE TO BY UNITED BANK

Town-Country National Bank (“TCNB”) has been 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 will 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 received 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. At the time of Agreement, the transaction represented a Price / Tangible Book Value (adjusted for special dividend) of 1.52x and a Price / Earnings of 15.9x (tax-adjusted).

As a result of the transaction, United Bank has increased the number of its branch locations to 22 and now has total assets of approximately $1.1 billion.

Olsen Palmer LLC is one of the top 2 ranked bank M&A advisory firms 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 in which the seller had assets below $5.0 billion.

Transaction Announcement (PDF)

OLSEN PALMER ADVISES TRI-STATE BANK IN ITS AGREEMENT TO BE ACQUIRED BY LIBERTY BANK & TRUST COMPANY

Tri-State Bank (“Tri-State”) and Liberty Bank and Trust Company and its parent holding company, Liberty Financial Services, Inc. (collectively, “Liberty”), jointly announced their agreement whereby Tri-State Bank will be acquired by Liberty Bank and Trust Company in an all-cash transaction. Both Liberty and Tri-State are Minority Depository Institutions as defined by the Federal Deposit Insurance Corporation.

Olsen Palmer LLC served as exclusive financial advisor and issued a fairness opinion to Tri-State Bank.

With the proposed transaction, Liberty will have approximately $965 million in assets and offices in 12 cities on a pro forma basis.

The transaction has been approved by the Board of Directors of both companies but remains subject to Tri-State Bank’s shareholder approval and customary regulatory approvals. The transaction is expected to close before the end of 2021.

Olsen Palmer LLC is the #1 community 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 in which seller had total assets less than $5 billion.

Transaction Announcement (PDF)

OLSEN PALMER ADVISES FIRST BANK OF LINDEN IN ITS SALE TO ALABAMA ONE

First Bank of Linden, the banking subsidiary of First Linden Bancshares, Inc., has completed its agreement to be acquired by Alabama ONE in an all-cash transaction structured as a purchase and assumption.

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

The transaction was unanimously approved by the Board of Directors of both institutions and was subject to customary conditions including the approval of First Linden Bancshares, Inc.’s shareholders and the receipt of required 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 deals advised upon over the last twelve months with seller assets less than $5 billion.

DOWNLOAD TRANSACTION (PDF)