OLSEN PALMER ADVISES ARLINGTON STATE BANC HOLDING COMPANY IN ITS SALE TO FIRST STATE FREMONT

Two Rivers Bank, banking subsidiary of Arlington State Banc Holding Company, has been acquired by First State Fremont, the holding company for First State Bank & Trust Co.

Olsen Palmer LLC served as exclusive financial advisor to the Board of Arlington State Banc Holding Company in connection with this transaction.

Founded in 1890, Two Rivers Bank had two branches and total assets of approximately $146 million as of September 30, 2021, while First State Bank & Trust Co., founded in 1956, had four branches and total assets of approximately $289 million as of September 30, 2021.

As a result of the transaction, the combined company now has six branches and total assets in excess of $430 million based on financial information as of September 30, 2021. 

Olsen Palmer LLC is one of the top 3 bank M&A advisory firms nationwide according to S&P Global as ranked by the total number of whole-bank M&A transactions advised upon since 2019.

Transaction Announcement (PDF)

OLSEN PALMER ADVISES LEGACY BANK IN ITS SALE TO INBANK IN A TRANSACTION VALUED AT APPROXIMATELY $77.2 MILLION

Denver, Colorado-based InBankshares, Corp (OTCQX: INBC) (the “Company” or “INBC”) and Wiley, Colorado-based Legacy Bank (“Legacy”) announced today that they entered into a definitive merger agreement pursuant to which Legacy will merge with and into InBank, the wholly-owned subsidiary of INBC, in a transaction valued at approximately $77.2 million, based on INBC’s closing common stock price of $9.75 per share on November 29, 2021, subject to certain adjustments as described in the merger agreement. 

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

Under the terms of the merger agreement, which has been unanimously approved by the board of directors of INBC and Legacy, INBC will issue 3,566,387 shares of INBC common stock and pay $21.25 million in cash to the shareholders of Legacy Bank in the aggregate. Additionally, prior to the closing of the transaction, Legacy will distribute to its shareholders other real estate owned (OREO) and other assets and will pay its shareholders a special cash dividend. 

The merger is subject to approval by federal and state bank regulators and the Legacy shareholders and to customary closing conditions. The transaction is expected to close early in the second quarter of 2022, with a systems conversion planned for late third quarter of 2022.

Founded in 1907, Legacy operates 9 branches and has approximately $497 million in total assets, $316 million in gross loans and $426 million in deposits as of September 30, 2021.

Olsen Palmer LLC remains one of the top 3 bank M&A advisory firms nationwide according to S&P Global as ranked by the total number of whole-bank M&A transactions advised upon since 2019. 

TRANSACTION ANNOUNCEMENT (PDF)

OLSEN PALMER ADVISES WESTERN STATES BANCORPRATION IN ITS AGREEMENT TO BE ACQUIRED BY FIRST NATIONAL BANK OF OMAHA AND ITS PARENT COMPANY

Western States BanCorporation (“Western States”) and its wholly-owned subsidiary Western States Bank, headquartered in Laramie, Wyoming, today announced that it has entered into a definitive agreement to be acquired by Omaha, Nebraska-based First National of Nebraska and its subsidiary First National Bank of Omaha (“FNBO”).

Olsen Palmer LLC served as exclusive financial advisor and issued a fairness opinion to Western States BanCorporation.

The proposed transaction, FNBO’s first announced whole-bank acquisition in almost 15 years, is subject to customary regulatory approvals, the approval of Western States’ shareholders, and the completion of various closing conditions and is anticipated to close in the first quarter of 2022.

FNBO is the primary banking subsidiary of First National of Nebraska which has $25 billion in assets and nearly 100 locations in Nebraska, Colorado, Illinois, Iowa, Kansas, South Dakota and Texas.

Western States, founded in 2006, has $542 million in total assets and 10 branch locations located in Southeast Wyoming, Northeast Colorado and the Panhandle of Nebraska.

Olsen Palmer LLC remains one of the top 3 bank M&A advisory firms nationwide while Managing Partner Christopher Olsen remains the #1 individual bank M&A advisor nationwide according to S&P Global, as ranked by the total number of whole-bank M&A transactions advised upon since 2019.

Transaction Announcement (PDF)

OLSEN PALMER ADVISES BANKFIRST CAPITAL CORPORATION IN ITS AGREEMENT TO ACQUIRE THE CITIZENS BANK OF FAYETTE

BankFirst Capital Corporation (OTCQX:BFCC) (“BankFirst” or the “Company”), parent of BankFirst Financial Services (the “Bank”), today announced the signing of a definitive merger agreement with F.B.H. Corporation (“F.B.H.”) and The Citizens Bank of Fayette (“Citizens Bank”), under which BankFirst will acquire Citizens Bank through the merger of Citizens Bank with and into the Bank.

Olsen Palmer LLC served as exclusive financial advisor and issued a fairness opinion to BankFirst Capital Corporation.

The transaction has been approved by the board of directors of each company, is expected to close in the fourth quarter of 2021, and is subject to customary closing conditions, including approval from the shareholders of F.B.H. and bank regulatory authorities. After the merger is completed, the Bank will have 32 offices and will have assets in excess of $2.0 billion.

Olsen Palmer LLC remains one of the top 3 bank M&A advisory firms nationwide according to S&P Global, as ranked by the total number of whole-bank M&A transactions advised upon over the last twelve months.

TRANSACTION ANNOUNCEMENT (PDF)

OLSEN PALMER ADVISES TRI-STATE BANK OF MEMPHIS IN ITS SALE TO LIBERTY BANK

Tri-State Bank (“Tri-State”) and Liberty Bank and Trust Company and its parent holding company, Liberty Financial Services, Inc. (collectively, “Liberty”), completed their agreement whereby Tri-State has been acquired by Liberty in an all-cash transaction.

Olsen Palmer LLC served as exclusive financial advisor and issued a fairness opinion to the Board of Directors of Tri-State Bank in connection with this transaction.

Both Liberty and Tri-State are Minority Depository Institutions as defined by the Federal Deposit Insurance Corporation. With the transaction, Liberty has approximately $1 billion in proforma assets and offices in 12 cities based on information as of June 30 ,2021.

Olsen Palmer LLC remains one of the top 3 bank M&A advisory firms nationwide while Managing Partner Christopher Olsen remains the #1 individual advisor across the U.S. according to S&P Global , as ranked by the total number of whole-bank M&A transactions advised upon since 2019.

TRANSACTION ANNOUNCEMENT (PDF)