OLSEN PALMER ADVISES FIRST STATE CAPTIAL CORPORATION, M&F BANCORP, INC. IN MERGER-OF-EQUALS

First State Capital Corporation (“FSCC”), parent of First State Bank (“FSB”), and M&F Bancorp, Inc. (“MFB”), parent of Merchants & Farmers Bank (“M&F”), jointly announced a definitive agreement under which FSCC will merge with MFB and M&F through an all-stock merger with FSCC and M&F as the surviving entities.

Olsen Palmer LLC served as financial advisor to both First State Capital Corporation and M&F Bancorp, Inc.

The merger will form a combined community banking franchise with assets of approximately $230 million, deposits of $205 million, and loans of $120 million.

The transaction, which is expected to close in the second or third quarter of 2021, remains subject to customary approval by shareholders and applicable regulatory authorities as well as the satisfaction of other customary closing conditions provided in the merger agreement.

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.

TRANSACTION ANNOUNCEMENT (PDF)

OLSEN PALMER ADVISES DEWITT FIRST BANKSHARES CORPORATION IN ITS AGREEMENT TO BE ACQUIRED BY SOUTHERN BANCORP, INC.

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.

TRANSACTION ANNOUNCEMENT (PDF)

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."