Olsen Palmer Advises Legacy Bank in its Merger With and Into InBank

Legacy Bank has merged with and into InBank, subsidiary of InBankshares, Corp (OTCQX: INBC).

Under the terms of the merger agreement, INBC issued 3,566,387 shares of INBC common stock and paid $21.25 million in cash to the shareholders of Legacy Bank in the aggregate. Additionally, prior to the closing of the transaction, Legacy distributed to its shareholders other real estate owned and other assets and paid its shareholders a special cash dividend.

Olsen Palmer LLC served as exclusive financial advisor to the Board of Directors of Legacy Bank.

Founded in 1907, Legacy Bank operated 9 branches and had approximately $484 million in total assets, $306 million in gross loans and $419 million in deposits as of March 31, 2022.

Olsen Palmer LLC remains one of the top 3 bank M&A advisory firms nationwide according to S&P Global based on the total number of bank M&A transactions advised upon over the past three years.

Transaction Announcement (PDF)

OLSEN PALMER ADVISES LWCBANCORP INC. IN ITS AGREEMENT TO BE ACQUIRED BY COVANTAGE CREDIT UNION

CoVantage Credit Union has entered into an agreement to purchase substantially all of the assets and liabilities of LincolnWay Community Bank, a wholly-owned subsidiary of LWCBancorp, Inc.

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

While the agreement is contingent on obtaining regulatory and LincolnWay shareholder approvals, the proposed transaction has been unanimously approved by the boards of directors of both companies.

With the purchase LincolnWay’s 2 branches and assets of $277 million will be acquired by CoVantage, increasing their footprint to 21 branches and 500 employees. The purchase is targeted to be completed in the fourth quarter of 2022.

Olsen Palmer LLC remains one of the top 3 bank M&A advisory firms nationwide according to S&P Global based on the total number of bank M&A transactions advised upon over the past three years.

Transaction Announcement (PDF)

OLSEN PALMER ADVISES THE FARMERS BANK OF MT. PULASKI IN AGREEMENT TO BE ACQUIRED BY LONGVIEW CAPITAL CORPORATION

The Farmers Bank of Mt. Pulaski (“Farmers Bank”) announced today that it has entered into an agreement whereby it will be acquired in an all cash transaction by Longview Capital Corporation, parent company of Longview Bank, Longview Bank & Trust, and the Bank of Gibson City (collectively, “Longview”).

Olsen Palmer LLC served as exclusive financial advisor to The Farmers Bank of Mt. Pulaski.

Upon completion of the proposed transaction, the acquirer will have total assets approaching $750 million based on financial data for the respective institutions as of December 31, 2021.

The transaction, which has been unanimously approved by the boards of directors of both companies but remains subject to customary closing conditions, as well as approval by The Farmers Bank’s stockholders as well as by applicable bank regulatory authorities, is expected to be completed in the 2nd quarter of 2022.

Vedder Price P.C. served as legal advisor to Farmers Bank while Hinshaw & Culberson, LLP served as legal counsel to Longview.

Olsen Palmer LLC remains one of the top 3 bank M&A advisory firms nationwide according to S&P Global based on the total number of bank M&A transactions advised upon over the past three years.

Transaction Announcement (PDF)

OLSEN PALMER ADVISES WESTERN STATES BANCORPORATION IN ITS SALE TO FIRST NATIONAL BANK OF OMAHA

Western States BanCorporation (“Western States”) and its wholly-owned subsidiary Western States Bank, headquartered in Laramie, Wyoming, has been acquired by Omaha, Nebraska-based First National of Nebraska and its subsidiary First National Bank of Omaha (“FNBO”). 

Olsen Palmer LLC served as exclusive financial advisor to Western States BanCorporation.

With this transaction – FNBO’s first whole-bank acquisition in almost 15 years – FNBO adds Western States’ nearly $550 million in total assets and expands its footprint to 8 states throughout the Midwest and West, adding 10 locations across Northeastern Colorado, Western Nebraska, and Eastern Wyoming. FNBO has greater than $25 billion in assets and nearly 100 locations.

Olsen Palmer LLC remains one of the top 3 bank M&A advisory firms nationwide according to S&P Global based on the total number of bank M&A transactions advised upon over the past three years.

Transaction Announcement (PDF)

CHRISTOPHER OLSEN TO SPEAK AT BANK DIRECTOR'S "2022 ACQUIRE OR BE ACQUIRED" CONFERENCE

Olsen Palmer LLC is pleased to announce that Managing Partner Christopher Olsen was a featured speaker at Bank Director’s Acquire or Be Acquired Conference held January 30 – February 2, 2022 in Scottsdale, Arizona. Mr. Olsen moderated a ‘fireside chat’ with Dan Rollins, Chairman & CEO of Cadence Bank, which recently completed a strategic merger with BancorpSouth to create an institution with $48 billion in assets, 418 branches across 9 states, and a market capitalization of nearly $6 billion.

During the session, Mr. Olsen discussed with Mr. Rollins key findings and best practices across the M&A spectrum applicable to sellers and buyers alike. For prospective sellers, Mr. Rollins shared his thoughts on key traits an acquirer looks for in a target including those that merit a premium price and those that do not. For would-be buyers, the session explored Mr. Rollins’ perspectives on best practices, areas of value creation, and key risks in bank acquisitions.

The Acquire or Be Acquired Conference is a premier annual event attended by over 1,300 Bank Executives and Board Members that brings together key thought leaders from across the country to explore and discuss bank merger & acquisition strategies and related growth opportunities.

About Olsen Palmer LLC

Olsen Palmer is an independent investment banking firm that exclusively advises financial institutions across the spectrum of Mergers & Acquisitions out of our headquarters in Washington DC and regional offices in Chicago, Denver, and Birmingham. By design, we combine the extensive M&A expertise of a traditional diversified firm with the agility, innovation, and independence of a specialized firm. Olsen Palmer remains one of the top 3 bank M&A advisory firms nationwide according to S&P Global as ranked by the cumulative number of bank M&A transactions advised upon over the past three years.