DeWitt First Bankshares Corporation, parent company of Arkansas County Bank, has entered into an agreement to be acquired by Southern Bancorp, Inc., parent company of Southern Bancorp Bank.
Olsen Palmer LLC served as exclusive financial advisor and issued a fairness opinion to DeWitt First Bankshares Corporation.
Dover Dixon Horne, PLLC served as legal advisor to DeWitt First Bankshares Corporation while Friday, Eldredge & Clark, LLP served as legal advisor to Southern Bancorp, Inc.
The transaction, which is subject to customary regulatory and shareholder approvals, is expected to close in the second quarter of 2021.
Upon completion of the proposed transaction, Southern Bancorp will increase the number of its branch locations to 52 and will have total assets in excess of $1.8 billion.
Olsen Palmer is the #2 bank M&A advisor nationwide according to S&P Global, based on number of whole-bank M&A deals advised upon in 2020.
OLSEN PALMER EARNS TOP RANKING AMONG BANK M&A ADVISORS
Olsen Palmer is pleased to announce the firm was named the #2 bank M&A advisor nationwide in 2020 and Managing Partner Christopher Olsen was ranked the #1 individual bank M&A advisor in 2020 according to S&P Global Market Intelligence, based on the number of announced bank M&A transactions advised upon across the U.S. in full-year 2020.
“These rankings confirm our consistent ability to help our clients realize their strategic objectives across changing market conditions,” said Christopher Olsen. “We are privileged to work with and for exceptional community bankers who value our thoughtful advice and unique model that combines the full M&A advisory expertise of a traditional investment banking firm with the agility, creativity, and responsiveness of an independent firm."
CHRISTOPHER OLSEN TO DISCUSS M&A IN 2021 ON VIRTUAL PANEL HOSTED BY HARTMAN EXECUTIVE ADVISORS
OLSEN PALMER ADVISES FIRST FARMERS STATE BANK IN ITS AGREEMENT TO BE ACQUIRED BY BANK OF PONTIAC
Minier Financial, Inc., parent company of First Farmers State Bank and Pontiac Bancorp, Inc., parent company of Bank of Pontiac, jointly announced their entry into a Purchase Agreement whereby Pontiac Bancorp will acquire First Farmers State Bank.
Olsen Palmer LLC served as exclusive financial advisor to First Farmers State Bank and its parent company.
The transaction, which is subject to customary regulatory approvals and approval of Minier Financial, Inc. shareholders, is expected to close in Q1 of 2021.
Upon completion of the proposed transaction, Bank of Pontiac will have 11 branches and is projected to have total assets of approximately $800 million.
Olsen Palmer is the #2 bank M&A advisor nationwide according to S&P Global, based on number of whole-bank M&A deals advised upon in 2020 year-to-date.
OLSEN PALMER ADVISES AMERICAN BANCSHARES CORP. IN ITS SALE TO CITIZENS BANCORP INVESTMENT, INC.
American Bancshares Corp. (“American”), parent company of American Bank & Trust of the Cumberlands, and Citizens Bancorp Investment, Inc. (“Citizens”), parent company of Citizens Bank of Lafayette, have completed their transaction to merge American with and into Citizens.
Olsen Palmer LLC served as exclusive financial advisor and issued a fairness opinion to American Bancshares Corp.
American Bank & Trust has become a part of Citizens Bank of Lafayette while American Bank & Trust’s offices continue to operate under their current name for a period of time. The combined bank now has total assets of approximately $1.3 billion and 22 banking locations and has become the 18th largest bank based in Tennessee as ranked by total assets.
The transaction has been unanimously approved by the boards of directors of Citizens and American and additionally has been approved by American shareholders and applicable regulators. The transaction was announced on July 9, 2020 and closed on November 30, 2020.
Olsen Palmer LLC is ranked as 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.
If you have any questions or would like additional information, please feel free to contact me at 202-627-2043 or colsen@olsenpalmer.com.