Olsen Palmer Advises Farmers & Merchants Union Bank in its Agreement to Acquire Wisconsin River Bank

Jewel Box Financial Services, Inc. (“Jewel Box”), the holding company of Farmers & Merchants Union Bank (“FMUB”), and River Holding Company (“River Holding”), the holding company of Wisconsin River Bank (“WRB”), have jointly announced today the signing of an agreement whereby Jewel Box will acquire 100% of the capital stock of WRB from River Holding through a stock purchase agreement. Jewel Box will then merge WRB into FMUB and the surviving bank will operate under the Farmers & Merchants Union Bank name.

Olsen Palmer LLC served as financial advisor to Jewel Box Financial Services, Inc.

Based on most recent reported financials, the combined institution is expected to have approximately $690 million in total assets and 9 banking offices.

The transaction, which has been approved by the Board of Directors of both companies and is subject to shareholder and regulatory approvals, is expected to close in the first quarter of 2025. Terms of the transaction were not disclosed.

Transaction Announcement (PDF)

Olsen Palmer Advises Merit Bank in its Agreement to Sell 2 Branches to Family Savings Credit Union

Family Savings Credit Union (“Family Savings”) and Merit Bank (“Merit”) announced that they have entered into an agreement whereby Family Savings will acquire the Valley Head, AL and Ider, AL branches of Merit. Upon consummation of the transaction, Merit will continue to operate as an independent community bank.

Olsen Palmer LLC served as financial advisor to Merit Bank.

Under the terms of the agreement Family Savings will acquire the physical locations and most of the deposit and loan accounts associated with the branches; as of the date of this announcement the deposits and loans to be conveyed by Merit to Family Savings are approximately $27 million and $4 million, respectively.

The proposed transaction is subject to customary closing conditions as well as approval by applicable regulatory authorities. It is expected to be completed in the first half of 2025.

Transaction Announcement (PDF)

Olsen Palmer Advises Peoples Bank and Trust in its Agreement to Acquire KANZA Bank

PBT Bancshares, Inc., the holding company of Peoples Bank and Trust Company, and KANZA Financial Corporation, the holding company of KANZA Bank, have jointly announced today the signing of a stock purchase agreement whereby PBT Bancshares, Inc. will acquire KANZA Bank. Following the closing of the transaction, KANZA Bank will be merged with and into Peoples Bank and Trust Company with Peoples Bank and Trust Company as the surviving entity.

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

Based on the most recent reported financials, the combined institution is expected to have approximately $1.5 billion in total assets and 21 banking offices.

The transaction has been approved by the board of directors of each company and is expected to close in the second quarter of 2025, subject to customary closing conditions including shareholder and regulatory approvals.

Transaction Announcement (PDF)

Olsen Palmer Advises Bank of Cleveland in its Agreement to be Acquired by Builtwell Bank

Bradley County Financial Corp. (“Bradley”), the holding company of Bank of Cleveland and Builtwell Bancorp, Inc. (“Builtwell”), the holding company of Builtwell Bank,  announced today an agreement whereby Builtwell and Bradley will merge. Upon completion of the proposed transaction, Builtwell will be the surviving entity and will be the parent company of both Builtwell Bank and Bank of Cleveland until Bank of Cleveland is merged with and into Builtwell Bank at a later date.

Olsen Palmer LLC served as financial advisor to Bradley County Financial Corp. and issued a fairness opinion to its Board of Directors.

The transaction, which has been approved by the Board of Directors of both companies and is subject to shareholder and regulatory approvals, is expected to close in the first quarter of 2025.

Based on most recent reported financials, the combined institution is expected to have approximately $2.2 billion in total assets and 37 banking offices.

Transaction Announcement (PDF)

Olsen Palmer Advises Johnson County Bank in its Sale to Skyline National Bank

Johnson County Bank and Skyline Bankshares, Inc. (“Skyline”, OTCQX: SLBK), the holding company of Skyline National Bank, announced today that they have combined their companies. Under the terms of the agreement, Johnson County Bank merged with and into Skyline National Bank in an all cash transaction valued at $25.0 million. Furthermore, one Johnson County Bank director, the previous CEO of Johnson County Bank, has joined 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.

Transaction Announcement (PDF)