Olsen Palmer Advises First Bank of Alabama in its Acquisition of 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 that FBA has acquired the physical locations and most of the loan and deposit accounts associated with 2 of Southern States’ branches.

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

With the completion of the transaction, FBA has total assets of approximately $930 million and 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 BankFirst Capital Corporation in its Acquisition of Sycamore Bank

BankFirst Capital Corporation (OTCQX:BFCC) (“BankFirst”), parent of BankFirst Financial Services, today announced the completion of its acquisition of Tate Financial Corporation (“Tate”), and its wholly-owned banking subsidiary, Sycamore Bank.

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

The acquisition results in BankFirst having 38 offices serving Mississippi and Alabama, with total assets of approximately $2.5 billion, gross loans of approximately $1.4 billion, and total deposits of approximately $2.1 billion. Jay Tindall, Jr., Sycamore Bank's Chairman and Chief Executive Officer, has joined the Bank as a Regional Executive.

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 Mechanics Bank in its Agreement to be Acquired by BankFirst Capital Corporation

Mechanics Banc Holding Company (“Mechanics”), the parent company of Mechanics Bank, today announced the signing of a definitive merger agreement with BankFirst Capital Corporation (OTCQX:BFCC) (“BankFirst”), parent of BankFirst Financial Services, under which BankFirst will acquire Mechanics and Mechanics Bank for all-cash consideration.

Olsen Palmer LLC served as financial advisor to Mechanics Bank Holding Company in connection with this transaction.

The transaction has been approved by the board of directors of each company, is expected to close in the first quarter of 2023, and is subject to customary closing conditions, including approval from the shareholders of Mechanics and bank regulatory authorities.

Founded in 1892, Mechanics Bank has six banking offices and approximately $331 million in total assets as of June 30, 2022.

After the merger is completed, and assuming the completion of an unrelated previously-announced transaction, BankFirst is expected to have 42 offices and have assets in excess of $2.7 billion.

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 Bank of Burlington in its Agreement to be Acquired by Farmers & Merchants Bank of Colby

Burlington Holdings, Inc., the holding company of Bank of Burlington, and Farmers & Merchants Bank of Colby (“F&M”) jointly announced that they have entered into a stock purchase agreement whereby F&M will acquire all of the shares of Bank of Burlington common stock.

Olsen Palmer LLC served as financial advisor to Burlington Holdings, Inc. in conjunction with this transaction.

The acquisition, which is subject to customary regulatory and shareholder approvals, is expected to be completed in the Q4 2022.

Bank of Burlington was founded in 1931 and operates two full-service branch offices in Colorado. Bank of Burlington had total assets of approximately $75 million as of June 30, 2022.

Farmers & Merchants Bank of Colby is a subsidiary of the multi-bank holding company, Security Bancshares, Inc., headquartered in Scott City, Kansas. F&M was founded in 1887 and operates two full-service branch offices in Colby, Kansas. Additionally, in 2023 they will add a new branch in Bennett, CO. As of June 30, 2022, F&M had total assets of approximately $336 million.

On a pro forma basis, F&M will have five full-service banking branches – 2 in Kansas and 3 in Colorado – and total assets of approximately $411 million, based on data as of June 30, 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 Boundary Waters Bank in its Agreement to be Acquired by Highland Bank

Boundary Waters Bank has signed a definitive agreement to be purchased by Highland Bank, pending regulatory approval.

Olsen Palmer LLC served as financial advisor to Boundary Waters Bank.

Boundary Waters Bank, chartered in 1999, has offices in Ely, Woodbury, and Blaine, Minnesota and had total assets of approximately $115 million as of June 30, 2022.

Founded in 1943, Highland Bank is an independent, privately held bank serving the communities of St. Michael, Maple Grove, Minnetonka, Bloomington, and St. Paul that had total assets of approximately $630 million as of June 30, 2022. With the addition of the three Boundary Waters Bank branches, Highland Bank will operate eight locations in Minnesota and hold approximately $750 million in assets.

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)