Olsen Palmer Advises Pioneer State Bank in its Agreement to be Acquired by NuMark Credit Union

NuMark Credit Union (“NuMark”) and Pioneer State Bank (“Pioneer”) jointly announced that they have entered into an agreement whereby NuMark will purchase substantially all of the assets and liabilities of Pioneer, a wholly-owned subsidiary of NBE Bancshares, Inc., in an all-cash transaction.

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

The transaction, subject to regulatory and Pioneer shareholder approvals, has been unanimously approved by the board of directors of both organizations and is expected to close in the fourth quarter of 2022.

When the merger is completed, NuMark will have $759 million in assets with a total of 13 branches.

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 three years.

Transaction Announcement (PDF)

Olsen Palmer Advises First Bank of Alabama in its Agreement to Acquire 2 Branches from Southern States Bank

First Bank of Alabama (“FBA”), subsidiary of Firstbanc of Alabama, Inc. and Southern States Bank (“Southern States”), subsidiary of Southern States Bancshares, Inc. (NASDAQGS: SSBK) announced today that they have entered into an agreement whereby FBA will acquire the physical locations and most of the loan and deposit accounts associated with 2 of Southern States’ branches.

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

The proposed transaction is subject to customary closing conditions as well as approval by applicable bank regulatory authorities. It is expected to be completed in the second half of 2022.

Following completion of the transaction, FBA will have total assets in excess of $920 million and will have twelve full-service branch 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 over the last three years.

Transaction Announcement (PDF)

Olsen Palmer Advises Lusk State Bank in its Sale to Banner Capital Bank

Harrisburg, Nebraska based Banner County Ban Corporation, the holding company of Banner Capital Bank (together “Banner”), and Lusk, Wyoming based Bankers Capital Corporation, the holding company of Lusk State Bank (together “Lusk”), have completed a stock purchase agreement whereby Banner acquired Lusk.

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

With the acquisition, Banner has enhanced its existing presence within the state of Wyoming via Lusk State Bank’s location in Niobrara County. On a pro forma basis, Banner County Ban Corporation will have 6 full-service banking branches and total assets of approximately $296 million. Spierer, Woodward, Corbalis, & Goldberg served as legal advisor to Lusk while Koley Jessen P.C., LLO served as legal advisor to Banner.

Olsen Palmer LLC remains one of the top 3 bank M&A advisory firms nationwide according to S&P Global based on the total number of bank M&A transactions advised upon over the past three years.

Transaction Announcement (PDF)

Olsen Palmer Advises Legacy Bank in its Merger With and Into InBank

Legacy Bank has merged with and into InBank, subsidiary of InBankshares, Corp (OTCQX: INBC).

Under the terms of the merger agreement, INBC issued 3,566,387 shares of INBC common stock and paid $21.25 million in cash to the shareholders of Legacy Bank in the aggregate. Additionally, prior to the closing of the transaction, Legacy distributed to its shareholders other real estate owned and other assets and paid its shareholders a special cash dividend.

Olsen Palmer LLC served as exclusive financial advisor to the Board of Directors of Legacy Bank.

Founded in 1907, Legacy Bank operated 9 branches and had approximately $484 million in total assets, $306 million in gross loans and $419 million in deposits as of March 31, 2022.

Olsen Palmer LLC remains one of the top 3 bank M&A advisory firms nationwide according to S&P Global based on the total number of bank M&A transactions advised upon over the past three years.

Transaction Announcement (PDF)

OLSEN PALMER ADVISES LWCBANCORP INC. IN ITS AGREEMENT TO BE ACQUIRED BY COVANTAGE CREDIT UNION

CoVantage Credit Union has entered into an agreement to purchase substantially all of the assets and liabilities of LincolnWay Community Bank, a wholly-owned subsidiary of LWCBancorp, Inc.

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

While the agreement is contingent on obtaining regulatory and LincolnWay shareholder approvals, the proposed transaction has been unanimously approved by the boards of directors of both companies.

With the purchase LincolnWay’s 2 branches and assets of $277 million will be acquired by CoVantage, increasing their footprint to 21 branches and 500 employees. The purchase is targeted to be completed in the fourth quarter of 2022.

Olsen Palmer LLC remains one of the top 3 bank M&A advisory firms nationwide according to S&P Global based on the total number of bank M&A transactions advised upon over the past three years.

Transaction Announcement (PDF)