Olsen Palmer Advises Denver Bankshares, Inc. in its agreement to be acquired by MidWestOne Financial Group, Inc.

MidWestOne Financial Group, Inc. (Nasdaq: MOFG) today announced that it has executed a definitive merger agreement to acquire Denver Bankshares, Inc., the parent company for the Bank of Denver. This transaction is an all cash deal that has been approved by the respective board of directors, and is expected to close in the first quarter of 2024. MidWestOne Financial Group, Inc. will pay $32.6 million in cash consideration to acquire Denver Bankshares, Inc.

Olsen Palmer LLC served as financial advisor to Denver Bankshares, Inc.

The Bank of Denver had $271.5 million in assets, $198.0 million in loans and $242.0 million in deposits as of June 30, 2023. Denver Bankshares, Inc.’s Chief Executive Officer, Lori Radcliffe, will become part of MidWestOne Financial Group Inc.’s market leadership team.

Transaction Announcement (PDF)

Olsen Palmer Advises Mississippi River Bank in its agreement to be acquired by Merchants & Marine Bank

Mississippi River Bank has entered into a definitive agreement to be acquired by Merchants & Marine Bancorp, Inc. (“MNMB”, OTCQX: MNMB).

Olsen Palmer LLC served as financial advisor to Mississippi River Bank in connection with the proposed transaction.

Upon completion of the proposed transaction, Mississippi River Bank will continue to operate under its existing branding as a division of MNMB’s wholly-owned bank subsidiary, Merchants & Marine Bank. Current Mississippi River Bank Chief Executive Officer and its President / Chief Operations Officer will both continue to lead the Mississippi River Bank division in their existing roles.

The transaction, which is subject to customary closing conditions including the approval of Mississippi River Bank’s shareholders and the receipt of all necessary regulatory approvals, is expected to be completed during the first quarter of 2024. 

Transaction Announcement (PDF)

Olsen Palmer Advises Algonquin State Bank in its agreement to be acquired by Michigan State University Federal Credit Union

Algonquin State Bank and its parent holding company, First Algonquin Company, has entered into a definitive purchase and assumption agreement with Michigan State University Federal Credit Union (MSUFCU).  Pursuant to the definitive agreement, MSUFCU will purchase substantially all assets and assume substantially all liabilities of Algonquin State Bank.

Olsen Palmer LLC served as financial advisor to First Algonquin Co.

The transaction has been unanimously approved by the boards of directors of both institutions. When the transaction is finalized, the combined institution will have approximately $8.3 billion in assets, $6.3 billion in loans, $6.8 billion in shares and deposits and will have 35 branches.

Transaction Announcement (PDF)

Olsen Palmer Advises OneSouth Bank in its agreement to be acquired by Five Star Credit Union

OneSouth Bank, the banking subsidiary of OneSouth Financial, Inc. announced that it has entered into an agreement to be acquired by Five Star Credit Union. The deal will be structured as a purchase and assumption transaction and the consideration will be all-cash.

Olsen Palmer LLC served as financial advisor to OneSouth Financial, Inc.

The transaction, which has been unanimously approved by the Board of Directors of both institutions but remains subject to customary closing conditions including the approval of OneSouth Financial, Inc.’s shareholders and the receipt of all necessary regulatory approvals, is expected to be completed by the second quarter of 2024.

Upon consummation, Five Star will have total assets of approximately $950 million and will expand its footprint to 23 full-service banking locations.

Transaction Announcement (PDF)

Olsen Palmer Advises Wyoming Bank & Trust in its agreement to be acquired by Savile Capital Group LLC

Farmers State Bankshares, Inc., parent company of Wyoming Bank & Trust, and Savile Capital Group LLC (“Savile”) jointly announce the signing of a Stock Purchase Agreement whereby Savile Capital Group LLC will acquire Farmers State Bankshares, Inc. and thereby, Wyoming Bank & Trust.

Olsen Palmer LLC served as financial advisor to Farmers State Bankshares, Inc. in conjunction with this transaction.

The transaction is subject to customary regulatory approvals and the completion of various closing conditions. It is anticipated to close in 2024.

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)