Olsen Palmer Advises Citizens State Bank in its Sale to Avadian

Citizens State Bank, the banking subsidiary of Citizens Southern Bancshares, Inc., has been acquired by Avadian. The transaction was structured as a purchase and assumption transaction and the consideration was all-cash.

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

Jones Walker LLP served as legal advisor to Citizens Southern Bancshares, Inc. while Honigman LLP served as legal advisor to Avadian.

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 Savanna Savings Bank in its Agreement to be Acquired by Citizens State Bank

First Savanna Savings Bank (“First Savanna”) and Citizens State Bank (“Citizens State”), a wholly-owned subsidiary of First Lena Corporation, announced today that First Savanna will merge into Citizens State.

Olsen Palmer LLC served as financial advisor to First Savanna Savings Bank.

The proposed merger has received unanimous approval from the Board of Directors of each organization and is subject to regulatory approvals, as well as other customary closing conditions. The acquisition is expected to close in the fourth quarter of 2022.

Olsen Palmer 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 the firm has advised upon over the last three years.

Transaction Announcement (PDF)

Olsen Palmer Advises Freedom Bank in its Agreement to be Acquired by Landmark National Bank

Landmark Bancorp, Inc. (NASDAQ: LARK) (“Landmark”), the holding company of Landmark National Bank, and Freedom Bancshares, Inc. (“Freedom”), the holding company of Freedom Bank, jointly announced today the execution of a definitive agreement under which Landmark will acquire Freedom and Freedom Bank for cash consideration in the amount of $33.350 million, subject to potential adjustment as more fully described in the agreement.

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

The transaction, subject to regulatory and Freedom 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.

Upon completion of the transaction, Landmark will have total assets of approximately $1.5 billion and 31 total offices in 24 communities across Kansas.

This is the 40th announced or completed community bank M&A transaction Olsen Palmer LLC served as advisor upon since January 1, 2020. Olsen Palmer 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 FirstBank Financial Services in its Agreement to Acquire Sycamore Bank

BankFirst Capital Corporation (OTCQX:BFCC) (“BankFirst”), parent of BankFirst Financial Services, today announced the signing of a definitive merger agreement with Tate Financial Corporation (“Tate”), the parent company of  Sycamore Bank, under which BankFirst will acquire Sycamore Bank and its parent holding company.

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

The transaction has been approved by the board of directors of each company, is expected to close in the third quarter of 2022, and is subject to customary closing conditions, including approval from the shareholders of Tate and bank regulatory authorities.

After the merger is completed, BankFirst will have 41 locations and assets in excess of $2.5 billion.

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

Transaction Announcement (PDF)

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)