Olsen Palmer Advises Bank of Morton in its agreement to be acquired by Bank of Commerce

Morton Bancorp, Inc., the holding company for Bank of Morton, and Commerce Bancorp, Inc., the holding company for Bank of Commerce, jointly announced that they have entered into an agreement whereby Commerce Bancorp will acquire Morton Bancorp in an all-cash transaction. Other financial terms were not disclosed.

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

The acquisition, which is subject to customary closing conditions, including the approval of Morton Bancorp, Inc. shareholders and the receipt of all necessary regulatory approvals, is expected to be completed by the first quarter of 2024.

As part of the transaction, Bank of Morton will be merged with and into Bank of Commerce. Upon consummation, Bank of Commerce will have total assets of approximately $890 million and 10 full-service banking locations.

Olsen Palmer is one of the top 3-ranked bank M&A advisors according to S&P Global based on the number of whole-bank M&A transactions advised upon since 2020 while, over the same period, the firm is the #1-ranked bank M&A advisor nationwide based on the number of sell-side transactions in which the seller had total assets of $1 billion or less.

Transaction Announcement (PDF)

Olsen Palmer Advises SENB Bank in its agreement to be acquired by CBI Bank & Trust

McLaughlin Holding Company, parent company of SENB Bank, and Central Bancshares, Inc., parent company of CBI Bank & Trust have jointly announced the signing of an Agreement and Plan of Merger whereby Central Bancshares will acquire McLaughlin Holding Company and merge SENB Bank into CBI Bank & Trust.

Olsen Palmer LLC served as financial advisor to McLaughlin Holding Company.

The transaction is subject to shareholder and regulatory approval and is anticipated to be completed in the third quarter of 2023.

SENB Bank was organized in 1961 and has total assets of approximately $337 million. After the completion of the transaction, Central Bancshares will have total assets in excess of $1.45 billion.

Olsen Palmer was one of the top-ranked bank M&A advisors nationwide in 2022 according to S&P Global based on the number of whole-bank M&A transactions upon which we advised, while, among those transactions in which the seller had total assets of $1 billion or less, Olsen Palmer was the #1 sell-side bank M&A advisor nationwide in 2022.

Transaction Announcement (PDF)

Olsen Palmer Advises SunSouth Bank in its agreement to be acquired by All In Credit Union

SunSouth Bank, the banking subsidiary of SunSouth Bancshares, Inc. announced that it has entered into an agreement to be acquired by All In Credit Union (“All In”). The transaction will be structured as a purchase and assumption transaction, and the consideration will be all-cash. Other financial terms were not disclosed.

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

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 SunSouth Bancshares, Inc.’s shareholders and the receipt of required regulatory approvals, is expected to close no later than the first quarter of 2024.

Founded in 1954, SunSouth Bank is a full-service community bank with total assets of nearly $115 million. Upon completion of the transaction, All In will have total assets of approximately $3.0 billion and 33 locations.

Olsen Palmer remains one of the top-ranked bank M&A advisors nationwide according to S&P Global based on the number of whole-bank M&A transactions advised upon while, among those transactions in which the seller had total assets of $1 billion or less, Olsen Palmer was the #1 sell-side bank M&A advisor nationwide in 2022.

Transaction Announcement (PDF)

Olsen Palmer Advises First Bank in its agreement to be acquired by Alabama One Credit Union

First Bank, a wholly-owned subsidiary of Peoples Independent Bancshares, Inc., and Alabama ONE Credit Union announced that Alabama ONE will acquire most of the assets and assume most of the liabilities of First Bank. The transaction will be structured as a purchase and assumption transaction, and the consideration will be all-cash. Other financial terms were not disclosed.

Olsen Palmer LLC served as financial advisor to Peoples Independent 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 First Bank’s shareholder and the receipt of required regulatory approvals, is expected to close no later than the second quarter of 2023. Following consummation of the transaction, Peoples Independent Bancshares, Inc. and its other wholly-owned banking subsidiary, Peoples Independent Bank, will continue normal operations as ongoing entities.

First Bank is a full-service community bank with total assets of approximately $130 million. Following consummation of the transaction with First Bank, Alabama ONE will have total assets of approximately $1.1 billion and 23 branches across Alabama.

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 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)