Olsen Palmer Launches Kansas City Office, Expanding Bank M&A Advisory Practice

Olsen Palmer Launches Kansas City Office, Expanding Bank M&A Advisory Practice

Washington, DC (February 2, 2023) – Olsen Palmer is pleased to announce the launch of a Kansas City office to support the firm’s active and growing bank M&A advisory practice in the region. The office will be led by Frank Berndt, Managing Director, who will lead the firm’s efforts in Kansas and Missouri including sell-side M&A advisory, buy-side M&A advisory, valuations, fairness opinions, and Board-level assessments of strategic alternatives. This is Olsen Palmer’s 5th office, complementing the firm’s headquarters in Washington D.C. and existing offices in Chicago, Denver, and Birmingham.

Mr. Berndt brings almost 20 years of experience working with or advising financial institutions, has advised on more than 50 bank M&A transactions throughout his career, and is the #2 ranked individual bank M&A advisor nationwide according to S&P Global, based on the number of transactions he has advised on since 2019. Prior to joining Olsen Palmer in 2017, Mr. Berndt worked as both a commercial lender and VP within the commercial credit department at BB&T (now Truist) as well as in the Financial Institutions Group of Morgan Stanley’s investment banking division. Mr. Berndt earned a Bachelor of Business Administration, with a double major in finance and international business, from James Madison University, and a Master of Business Administration from the University of North Carolina. He is licensed with the Financial Industry Regulatory Authority as an Investment Banking Representative and a Uniform Securities Agent.

Christopher Olsen, Managing Partner of Olsen Palmer, said, “We are very excited about the launch of our Kansas City office. As we are already one of the nation’s leading M&A advisors to community banks in the Midwest, an additional office in the region was a natural decision and one that reflects Olsen Palmer’s strategic commitment to providing best-in-class strategic and M&A advice to community banks in Kansas and Missouri.” Mr. Olsen continued, “Frank is a fantastic investment banker that has a rare ability to listen to and truly understand client preferences and, from there, help them get where they want to go. We look forward to a greater number of banks benefitting from Frank’s guidance.”

“I am excited for the opportunity to continue working with bankers throughout Kansas and Missouri. It has been my experience that bankers in the area are looking for honest, straight-forward advice from advisors who value relationships rather than transactions, which directly aligns with Olsen Palmer’s unique, relationship-based approach,” said Mr. Berndt. “I am very much looking forward to building long-lasting relationships and helping banks realize their strategic goals.”

For more information regarding the new Kansas City office, contact Olsen Palmer Director of Marketing, Jessica Dominguez, at 202-240-1260 or jdominguez@olsenpalmer.com.

About Olsen Palmer

Olsen Palmer LLC is a nationally-recognized independent investment banking firm that exclusively advises community banks across the spectrum of Mergers & Acquisitions. By design, Olsen Palmer combines the same M&A expertise of a traditional investment banking firm with the agility, responsiveness, and lack of conflicts of an independent firm – specializing in sell-side and buy-side M&A advisory, valuations, fairness opinions, branch acquisitions and divestitures, and Board-level assessments of strategic options.

Olsen Palmer Advises First Bank in its agreement to be acquired by Alabama One Credit Union

First Bank, a wholly-owned subsidiary of Peoples Independent Bancshares, Inc., and Alabama ONE Credit Union announced that Alabama ONE will acquire most of the assets and assume most of the liabilities of First Bank. The transaction will be structured as a purchase and assumption transaction, and the consideration will be all-cash. Other financial terms were not disclosed.

Olsen Palmer LLC served as financial advisor to Peoples Independent Bancshares, Inc.

The transaction, which has been unanimously approved by the Board of Directors of both institutions but remains subject to customary conditions including the approval of First Bank’s shareholder and the receipt of required regulatory approvals, is expected to close no later than the second quarter of 2023. Following consummation of the transaction, Peoples Independent Bancshares, Inc. and its other wholly-owned banking subsidiary, Peoples Independent Bank, will continue normal operations as ongoing entities.

First Bank is a full-service community bank with total assets of approximately $130 million. Following consummation of the transaction with First Bank, Alabama ONE will have total assets of approximately $1.1 billion and 23 branches across Alabama.

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

Transaction Announcement (PDF)

Olsen Palmer Advises Boundary Waters Bank in its Sale to Highland Bank

Boundary Waters Bank announced it has been acquired by Highland Bancshares, Inc., parent holding company of Highland Bank.

Olsen Palmer LLC served as financial advisor to Boundary Waters Bank in connection with this transaction.

Boundary Waters Bank, chartered in 1999, serves the communities of Ely, in northeastern Minnesota, and the Twin Cities metro communities of Blaine and Woodbury.

Founded in 1943, Highland Bank serves the communities of St. Michael, Maple Grove, Minnetonka, Bloomington and St Paul. With the addition of the three branches, Highland will operate eight locations in Minnesota and hold approximately $750 million in assets.

Olsen Palmer remains one of the top 3 bank M&A advisory firms nationwide according to S&P Global, as ranked by the total number of whole-bank M&A transactions the firm has advised upon over the last three years while the firm’s Managing Partner Christopher Olsen is the #1 individual bank M&A advisor nationwide over the same period, according to S&P Global.

Transaction Announcement (PDF)

Olsen Palmer Advises Savanna-Thomson State Bank and Fidelity Bank in their Agreement to Merge

Savanna-Thomson State Bank, a wholly-owned subsidiary of Savanna-Thomson Investment, Inc. (“STI”) and Fidelity Bank, a wholly-owned subsidiary of Maximum Bancshares, Inc. (“Maximum”) today announced an agreement has been signed where the two banks will combine as equals whereby Fidelity Bank will be acquired under Savanna-Thomson State Bank’s charter.

Olsen Palmer LLC served as financial advisor to both Savanna-Thomson Investment Inc. and Maximum Bancshares, Inc.

The transaction, which is expected to close in the first quarter of 2023, remains subject to customary approval by applicable regulatory authorities as well as the satisfaction of other customary closing conditions provided in the merger agreement.

The agreement was unanimously approved by the boards of directors of both companies. Maximum will merge with and into STI with STI as the surviving entity. The two bank subsidiaries will continue to run independently with plans to merge at a later date.

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

Transaction Announcement (PDF)

Olsen Palmer Advises Catlin Bank in its Agreement to be Acquired by The Fisher National Bank

Butler Point, Inc., the holding company of Catlin Bank (together “Catlin”), and Fisher Bancorp Inc. (“Fisher”), parent of The Fisher National Bank, jointly announced that they have entered into an agreement and plan of merger whereby Fisher will acquire Catlin, subject to customary regulatory and other approvals.

Olsen Palmer LLC served as financial advisor to Butler Point, Inc. in conjunction with this transaction.

Upon consummation of the proposed transaction, on a pro forma basis, Fisher will have five full-service banking branches and total assets of approximately $293 million, based on data as of June 30, 2022. The acquisition is expected to be completed in the first quarter of 2023. Jeff Fauver, current President of Catlin Bank, will be the Catlin Community President along with being on the Board of Directors for Fisher National Bank.

Olsen Palmer LLC served as financial advisor to Catlin Bank while Godfrey Kahn, S.C. served as legal advisor. Brown, Hay & Stephens, LLP served as the legal advisor to Fisher Bancorp, Inc.

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. This is the 44th announced or completed bank M&A transaction Olsen Palmer has advised upon over the past 2 years.

Transaction Announcement (PDF)