OLSEN PALMER ADVISES ARLINGTON STATE BANC HOLDING COMPANY IN ITS AGREEMENT TO BE ACQUIRED BY FIRST STATE FREMONT, INC.

First State Fremont, Inc. the holding company for First State Bank & Trust Company, has entered into an agreement to acquire Two Rivers Bank, banking subsidiary of Arlington State Banc Holding Company. The transaction is anticipated to close in the fourth quarter of 2021, subject to regulatory approval.

Olsen Palmer LLC served as exclusive financial advisor and issued a fairness opinion to the Board of Arlington State Banc Holding Company in connection with this transaction.

Founded in 1890, Two Rivers Bank has two branches and total assets of approximately $148 million as of June 30, 2021, while First State Bank & Trust Co., founded in 1956, has four branches and total assets of approximately $288 million as of June 30, 2021.

Olsen Palmer LLC is one of the top 3 bank M&A advisory firms nationwide according to S&P Global, as ranked by the number of whole-bank M&A transactions advised upon over the last twelve months.

Transaction Announcement (PDF)

OLSEN PALMER ADVISES CUMBERLAND BANCSHARES, INC. ON ITS SALE TO FIRST PARAGOULD BANKSHARES, INC.

Cumberland Bancshares, Inc., parent company of Citizens Bank ($291 million in assets), has been acquired by First Paragould Bankshares, Inc., parent company of First National Bank ($1.9 billion in assets).

Olsen Palmer LLC served as exclusive financial advisor and issued a fairness opinion to Cumberland    Bancshares, Inc.

As a result of the transaction, the combined franchise now has assets of approximately $2.1 billion, deposits of $1.8 billion, and loans of approximately $1.7 billion as of June 30, 2021.

Fenimore, Kay, Harrison & Ford, LLP served as First Paragould Bankshares, Inc.’s legal advisor, while the firm of Baker, Donelson, Bearman, Caldwell & Berkowitz, PC served as Cumberland Bancshares, Inc.’s legal advisor.

Olsen Palmer LLC is one of the top 3 bank M&A advisory firms nationwide according to S&P Global, as ranked by the number of whole-bank M&A transactions advised upon in the twelve-month period ended August 31, 2021.

Transaction Announcement (PDF)

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”), consummated their merger transaction in which FSCC has merged with MFB and M&F through an all-stock merger-of-equals 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.

With the merger, the combined franchise now has assets of approximately $270 million, deposits of $230 million, and loans of approximately $110 million.

Jones Walker LLP served as legal advisor to First State Capital Corporation while Adams & Reese LLP served as legal counsel to M&F Bancorp, Inc.

Olsen Palmer LLC is one of the top 3 banks M&A advisory firms nationwide according to S&P Global, based on the number of whole-bank sell-side M&A transactions advised upon over the last twelve months.

Transaction Announcement (PDF)

OLSEN PALMER ADVISES DURAND BANCORP, INC. IN ITS SALE TO HIGH POINT FINANCIAL SERVICES, INC.

Durand Bancorp, Inc., parent company of Durand State Bank, has been acquired by High Point Financial Services, Inc., parent company of Solutions Bank, in an all-cash transaction.

Olsen Palmer LLC served as exclusive financial advisor to Durand Bancorp, Inc.

As a result of the transaction, Solutions Bank now has 7 total branch locations, total assets of approximately $445 million, total deposits of  approximately $390 million, and total loans of approximately $205 million based on financial data as of June  30, 2021. Additionally, Solutions Bank’s branch footprint expands into Winnebago County.

Olsen Palmer LLC is one of the top 2 bank M&A advisory firms nationwide according to S&P Global, as ranked by the number of whole-bank sell-side M&A transactions advised upon over the last twelve months in which the seller had assets below $5 billion.

Transaction Announcement (PDF)

OLSEN PALMER ADVISES TOWN-COUNTRY NATIONAL BANK IN ITS SALE TO BY UNITED BANK

Town-Country National Bank (“TCNB”) has been acquired by United Bancorporation of Alabama, Inc. (OTCQX:UBAB), parent company of United Bank (“United”). As a result of the transaction, TCNB will rebrand as Town-Country United Bank (“TCUB”) and will operate as a separate banking subsidiary under United’s holding company.

Olsen Palmer LLC served as exclusive financial advisor and issued a fairness opinion to Town-Country National Bank.

As part of the agreement, TCNB shareholders received aggregate cash consideration of $28.5 million, with a portion of the consideration paid as a special dividend prior to the close of the transaction. At the time of Agreement, the transaction represented a Price / Tangible Book Value (adjusted for special dividend) of 1.52x and a Price / Earnings of 15.9x (tax-adjusted).

As a result of the transaction, United Bank has increased the number of its branch locations to 22 and now has total assets of approximately $1.1 billion.

Olsen Palmer LLC is one of the top 2 ranked bank M&A advisory firms nationwide according to S&P Global, based on the number of whole-bank sell-side M&A transactions advised upon over the last twelve months in which the seller had assets below $5.0 billion.

Transaction Announcement (PDF)