Olsen Palmer Advises Johnson County Bank in its Agreement to be Acquired by Skyline Bankshares, Inc.

Johnson County Bank and Skyline Bankshares, Inc. (“Skyline”, OTCQX: SLBK), the holding company of Skyline National Bank, announced today that they have entered into a definitive agreement to combine their companies. Under the terms of the agreement, Johnson County Bank will merge with and into Skyline National Bank in an all cash transaction valued at $25.0 million. Furthermore, one Johnson County Bank director, the current CEO of Johnson County Bank, will be invited to join the Skyline Board of Directors.

Olsen Palmer LLC served as financial advisor to Johnson County Bank in connection with this transaction and issued a Fairness Opinion to its Board of Directors.

Luse Gorman, PC acted as legal advisor to Johnson County Bank in connection with the transaction.

The combination is subject to approval by Johnson County Bank's shareholders, banking regulators, and other customary closing conditions. The transaction is expected to be completed during the second half of 2024.

Transaction Announcement (PDF)

Olsen Palmer Advises Lafayette Bancorp, Inc. in its Sale to Guaranty Capital Corporation

Lafayette Bancorp, Inc. (“Lafayette”), the holding company of Oxford University Bank, and Guaranty Capital Corporation (“Guaranty”), the holding company of Guaranty Bank & Trust Company (“Guaranty Bank”), announced Guaranty has acquired Lafayette.

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

With completion of the transaction, Oxford University Bank will become a wholly owned subsidiary of Guaranty. Guaranty expects to merge Oxford University Bank with and into Guaranty Bank, with Guaranty Bank surviving.

Founded in 2000, Lafayette had total assets exceeding $240 million and three locations across 2 counties as of December 31, 2023. Post-acquisition, the combined companies have approximately $2.7 billion in assets with 41 branches.

Butler Snow served as legal advisor to Lafayette and Hunton Andrews Kurth served as legal advisor to Guaranty.

Transaction Announcement (PDF)

Olsen Palmer Advises Morton Bancorp, Inc. in its Sale to Commerce Bancorp, Inc.

Morton Bancorp, Inc., the holding company for Bank of Morton, and Commerce Bancorp, Inc., the holding company for Bank of Commerce, jointly announced that Commerce Bancorp has acquired 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.

As part of the transaction, Bank of Morton merged with and into Bank of Commerce. Upon consummation, Bank of Commerce has total assets of approximately $900 million and 10 full-service banking locations, based on financial information as of September 30, 2023.

Fenimore Kay Harrison served as legal advisor to Morton Bancorp, Inc. and Jones Walker served as legal advisor to Commerce Bancorp.

Transaction Announcement (PDF)

Olsen Palmer Advises FEB Bancshares Inc. in its agreement to sell 5 branches to All In Credit Union

22nd State Bank, subsidiary of FEB Bancshares Inc., announced that it has entered into a Purchase and Assumption agreement to sell 5 branch locations (the “Branches”) to All In Credit Union. Upon consummation of this transaction 22nd State Bank will continue to operate as an independent community bank through its remaining branches.

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

Pursuant to the terms of the Purchase and Assumption Agreement, All In has agreed to assume certain deposit liabilities and to acquire certain loans, as well as cash, real property, personal property and other fixed assets associated with the Branches. As of October 31, 2023 the deposit and loan balances associated with the transaction were approximately $145 million and $130 million, respectively.

The transaction, which has been unanimously approved by the Board of Directors of both institutions but remains subject to customary closing conditions and the receipt of required regulatory approvals, is expected to close no later than the third quarter of 2024.

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 has acquired most of the assets and assumed most of the liabilities of First Bank. The transaction was structured as a purchase and assumption transaction, and the consideration was all-cash. Other financial terms were not disclosed.

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

With this 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. With this transaction with First Bank, Alabama ONE has total assets of approximately $1.2 billion and 25 branches across Alabama.

Transaction Announcement (PDF)