OLSEN PALMER ADVISES BANKFIRST CAPITAL CORPORATION IN ITS ACQUISITION OF THE CITIZENS BANK OF FAYETTE

BankFirst Capital Corporation (OTCQX:BFCC) (“BankFirst” or the “Company”), parent of BankFirst Financial Services (the “Bank”), has completed its acquisition of The Citizens Bank of Fayette (“Citizens Bank”) from F.B.H. Corporation (“F.B.H.”).

Olsen Palmer LLC served as exclusive financial advisor to BankFirst Capital Corporation.

As a result of the transaction, BankFirst now has 32 offices with total assets of approximately $2.0 billion, gross loans of approximately $1.2 billion, and total deposits of approximately $1.8 billion. Robert D. Mills, Citizens Bank's President and Chief Executive Officer, has joined the Bank as Fayette Regional Executive

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 FIRST CAPITAL BANK IN ITS SALE TO PLANTERS BANK & TRUST COMPANY

Germantown Capital Corporation, Inc. parent of First Capital Bank, together “First Capital”, has been acquired by Planters Holding Company, parent of Planters Bank & Trust Company.

Olsen Palmer LLC served as exclusive financial advisor to Germantown Capital Corporation, Inc.

Originally established in 2003, First Capital Bank had total assets of approximately $380 million, deposits of approximately $315 million, and loans of approximately $300 million as of September 30, 2021.

As a result of the transaction, Planters Bank & Trust Company now has total assets in excess of $1.7 billion, deposits of approximately $1.5 billion, loans of approximately $875 million, and 20 branches 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 ADVISED CITIZENS STATE BANK AND ITS PARENT COMPANY IN AGREEMENT TO BE ACQUIRED BY AVADIAN

Citizens State Bank, the banking subsidiary of Citizens Southern Bancshares, Inc., has entered into an agreement to be acquired by Avadian. The transaction is structured as a purchase and assumption transaction and the consideration is all-cash.

Olsen Palmer LLC served as exclusive financial advisor to Citizens Southern Bancshares, Inc.

The transaction, which has been unanimously approved by the Board of Directors of both institutions but remains subject to customary conditions including the approval of Citizens Southern Bancshares, Inc.’s shareholders and the receipt of required regulatory approvals, is expected to close no later than the third quarter of 2022.

Upon completion of the merger, Avadian will have total assets of approximately $1.2 billion and 21 locations.

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 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)