OLSEN PALMER ADVISED CITIZENS BANK IN ITS SALE TO BANK OF HOLLY SPRINGS

Marshall Financial Corporation (“MFC”), parent company of Citizens Bank, has been acquired by Holly Springs Bancshares, Inc. (“HSBI”), parent company of Bank of Holly Springs.

Olsen Palmer LLC served as exclusive financial advisor and issued a fairness opinion to Marshall Financial Corporation.

In connection with this transaction, MFC shareholders received cash consideration and were also issued a one-time special cash dividend prior to closing, which was subject to adjustments and certain requirements as more fully described in the Agreement.

Citizens Bank’s President and CEO has joined Bank of Holly Springs’ management team as a result of the merger.

The transaction, which was approved unanimously by each company’s Board of Directors, also received approval from MFC’s shareholders and applicable regulators.

Olsen Palmer LLC is the #2 bank M&A advisor nationwide according to S&P Global, based on the number of whole-bank M&A transactions advised upon in 2020 year-to-date.

TRANSACTION ANNOUNCEMENT (PDF)

OLSEN PALMER ADVISES 22ND STATE BANK IN ITS ACQUISITION OF 1 BRANCH OF BANK OZK

FEB Bancshares, Inc., parent company of 22nd State Bank (“22SB”), has completed its acquisition of 1 banking location of Bank OZK (NASDAQ: OZK). Under the terms of the agreement 22nd State Bank acquired the physical location and most of the loan and deposit accounts associated with the branch.

Olsen Palmer LLC served as exclusive financil advisor to 22nd State Bank and its parent company.

22SB now has total assets of approximately $250 million and six full-service locations. 22SB acquired $6 million in loans and assumed $61 million in deposits as a result of the transaction. The deposit premium was not disclosed. The transaction was originally announced on July 1, 2020 and was completed on November 13, 2020.

Olsen Palmer LLC is the #2 bank M&A advisor nationwide according to S&P Global, based on the number of whole-bank M&A transactions advised upon in 2020 year-to-date.

TRANSACTION ANNOUNCEMENT (PDF)

OLSEN PALMER ADVISES EUREKA SAVINGS BANK IN ITS AGREEMENT TO ACQUIRE WENONA BANCORP INC.

Eureka Savings Bank announced the signing of a definitive merger agreement with Wenona Bancorp Inc., parent company of Wenona State Bank. Under the terms of the agreement, Eureka Savings Bank will acquire Wenona Bancorp Inc. in an all cash transaction. The merger agreement has been unanimously approved by the board of directors of both banks and is expected to close in the first quarter of 2021, which is subject to customary closing conditions including regulatory approval and approval by the shareholders of Wenona Bancorp Inc.

Olsen Palmer LLC served as exclusive financial advisor to Eureka Savings Bank.

Eureka Savings Bank President and Chief Executive Officer, John McCormick said, “We are excited about this partnership, which introduces Eureka Savings Bank to the Marshall County community and we look forward to earning the continued loyalty and business of Wenona State Bank’s customers.”

Olsen Palmer LLC is the #2 bank M&A advisor nationwide according to S&P Global, based on the number of whole-bank M&A transactions advised upon in 2020 year-to-date.

TRANSACTION ANNOUNCEMENT (PDF)

OLSEN PALMER ADVISES FIRST BANK OF ALABAMA IN ITS AGREEMENT TO ACQUIRE SOUTHFIRST BANK

FirstBanc of Alabama, Inc., parent company of First Bank of Alabama, and SouthFirst Bancshares, Inc., parent company of SouthFirst Bank, announced the signing of a definitive agreement whereby FirstBanc will acquire 100% of the stock of SouthFirst Bank. FirstBanc will pay all-cash consideration to SouthFirst Bancshares, Inc. as the sole shareholder of SouthFirst Bank. SouthFirst Bank will be merged with and into First Bank of Alabama as part of the transaction.

Olsen Palmer LLC served as exclusive financial advisor to First Bank of Alabama and its parent company.

The transaction has been unanimously approved by the Board of Directors of both institutions but remains subject to customary conditions, including the approval of SouthFirst Bancshares, Inc.’s shareholders and the receipt of required regulatory approvals. The transaction is expected to close no later than the second quarter of 2021.

Olsen Palmer LLC is the #2 ranked overall Bank M&A advisor and the #1 ranked sell-side Bank M&A advisor nationwide according to S&P Global, based on the number of whole-bank M&A transactions advised upon in 2020 year-to-date.

TRANSACTION ANNOUNCEMENT (PDF)

MANAGING DIRECTOR MICHAEL REDIKER SPEAKS AT ABA'S BANKERS 2 LEADERS SUMMER CONFERENCE

Olsen Palmer LLC is pleased to announce that Managing Director Michael Rediker was a featured speaker at the Alabama Bankers Association’s Bankers 2 Leaders Summer Conference on September 18, 2020 at the Henderson Beach Resort & Spa in Destin, FL.

Bankers 2 Leaders is a section of the Alabama Bankers Association with the primary responsibility of developing career enhancement leadership training, promoting banker community involvement and providing opportunities and tools for banker political advocacy.

Mr. Rediker discussed trends in the bank M&A marketplace, a state-specific banking update and strategies on how to approach bank M&A as a buyer or seller. Please email mrediker@olsenpalmer.com with any questions or for a copy of Mr. Rediker’s presentation materials.