Olsen Palmer Advises Boundary Waters Bank in its Sale to Highland Bank

Boundary Waters Bank announced it has been acquired by Highland Bancshares, Inc., parent holding company of Highland Bank.

Olsen Palmer LLC served as financial advisor to Boundary Waters Bank in connection with this transaction.

Boundary Waters Bank, chartered in 1999, serves the communities of Ely, in northeastern Minnesota, and the Twin Cities metro communities of Blaine and Woodbury.

Founded in 1943, Highland Bank serves the communities of St. Michael, Maple Grove, Minnetonka, Bloomington and St Paul. With the addition of the three branches, Highland 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 while the firm’s Managing Partner Christopher Olsen is the #1 individual bank M&A advisor nationwide over the same period, according to S&P Global.

Transaction Announcement (PDF)

Olsen Palmer Advises Savanna-Thomson State Bank and Fidelity Bank in their Agreement to Merge

Savanna-Thomson State Bank, a wholly-owned subsidiary of Savanna-Thomson Investment, Inc. (“STI”) and Fidelity Bank, a wholly-owned subsidiary of Maximum Bancshares, Inc. (“Maximum”) today announced an agreement has been signed where the two banks will combine as equals whereby Fidelity Bank will be acquired under Savanna-Thomson State Bank’s charter.

Olsen Palmer LLC served as financial advisor to both Savanna-Thomson Investment Inc. and Maximum Bancshares, Inc.

The transaction, which is expected to close in the first quarter of 2023, remains subject to customary approval by applicable regulatory authorities as well as the satisfaction of other customary closing conditions provided in the merger agreement.

The agreement was unanimously approved by the boards of directors of both companies. Maximum will merge with and into STI with STI as the surviving entity. The two bank subsidiaries will continue to run independently with plans to merge at a later date.

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 Catlin Bank in its Agreement to be Acquired by The Fisher National Bank

Butler Point, Inc., the holding company of Catlin Bank (together “Catlin”), and Fisher Bancorp Inc. (“Fisher”), parent of The Fisher National Bank, jointly announced that they have entered into an agreement and plan of merger whereby Fisher will acquire Catlin, subject to customary regulatory and other approvals.

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

Upon consummation of the proposed transaction, on a pro forma basis, Fisher will have five full-service banking branches and total assets of approximately $293 million, based on data as of June 30, 2022. The acquisition is expected to be completed in the first quarter of 2023. Jeff Fauver, current President of Catlin Bank, will be the Catlin Community President along with being on the Board of Directors for Fisher National Bank.

Olsen Palmer LLC served as financial advisor to Catlin Bank while Godfrey Kahn, S.C. served as legal advisor. Brown, Hay & Stephens, LLP served as the legal advisor to Fisher Bancorp, Inc.

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. This is the 44th announced or completed bank M&A transaction Olsen Palmer has advised upon over the past 2 years.

Transaction Announcement (PDF)

Olsen Palmer Advises Freedom Bank in its Sale to Landmark National Bank

Freedom Bancshares, Inc. (“Freedom”), the holding company of Freedom Bank, announced that it has been acquired by Landmark Bancorp, Inc. (“Landmark”), the holding company of Landmark National Bank, for cash consideration of $33.350 million.

Olsen Palmer LLC served as financial advisor to Freedom Bancshares, Inc. in connection with this transaction.

Freedom was founded in 2006 and operated out of a single location in Overland Park, Kansas. As a result of the merger, which was completed prior to the opening of business on October 1, 2022, Landmark now has total assets of approximately $1.5 billion and total deposits of approximately $1.3 billion with 31 branches. The combined company is operating under the name “Landmark Bancorp, Inc.” and will continue to list its common stock on the Nasdaq Global Select Market and trade under the symbol LARK.

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 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)