Olsen Palmer Advises Algonquin State Bank in its agreement to be acquired by Michigan State University Federal Credit Union

Algonquin State Bank and its parent holding company, First Algonquin Company, has entered into a definitive purchase and assumption agreement with Michigan State University Federal Credit Union (MSUFCU).  Pursuant to the definitive agreement, MSUFCU will purchase substantially all assets and assume substantially all liabilities of Algonquin State Bank.

Olsen Palmer LLC served as financial advisor to First Algonquin Co.

The transaction has been unanimously approved by the boards of directors of both institutions. When the transaction is finalized, the combined institution will have approximately $8.3 billion in assets, $6.3 billion in loans, $6.8 billion in shares and deposits and will have 35 branches.

Transaction Announcement (PDF)

Olsen Palmer Advises OneSouth Bank in its agreement to be acquired by Five Star Credit Union

OneSouth Bank, the banking subsidiary of OneSouth Financial, Inc. announced that it has entered into an agreement to be acquired by Five Star Credit Union. The deal will be structured as a purchase and assumption transaction and the consideration will be all-cash.

Olsen Palmer LLC served as financial advisor to OneSouth Financial, Inc.

The transaction, which has been unanimously approved by the Board of Directors of both institutions but remains subject to customary closing conditions including the approval of OneSouth Financial, Inc.’s shareholders and the receipt of all necessary regulatory approvals, is expected to be completed by the second quarter of 2024.

Upon consummation, Five Star will have total assets of approximately $950 million and will expand its footprint to 23 full-service banking locations.

Transaction Announcement (PDF)

Olsen Palmer Advises Wyoming Bank & Trust in its agreement to be acquired by Savile Capital Group LLC

Farmers State Bankshares, Inc., parent company of Wyoming Bank & Trust, and Savile Capital Group LLC (“Savile”) jointly announce the signing of a Stock Purchase Agreement whereby Savile Capital Group LLC will acquire Farmers State Bankshares, Inc. and thereby, Wyoming Bank & Trust.

Olsen Palmer LLC served as financial advisor to Farmers State Bankshares, Inc. in conjunction with this transaction.

The transaction is subject to customary regulatory approvals and the completion of various closing conditions. It is anticipated to close in 2024.

Olsen Palmer is one of the top 3-ranked bank M&A advisors according to S&P Global based on the number of whole-bank M&A transactions advised upon since 2020 while, over the same period, the firm is the #1-ranked bank M&A advisor nationwide based on the number of sell-side transactions in which the seller had total assets of $1 billion or less.

Transaction Announcement (PDF)

Olsen Palmer Advises Bank of Morton in its agreement to be acquired by Bank of Commerce

Morton Bancorp, Inc., the holding company for Bank of Morton, and Commerce Bancorp, Inc., the holding company for Bank of Commerce, jointly announced that they have entered into an agreement whereby Commerce Bancorp will acquire Morton Bancorp in an all-cash transaction. Other financial terms were not disclosed.

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

The acquisition, which is subject to customary closing conditions, including the approval of Morton Bancorp, Inc. shareholders and the receipt of all necessary regulatory approvals, is expected to be completed by the first quarter of 2024.

As part of the transaction, Bank of Morton will be merged with and into Bank of Commerce. Upon consummation, Bank of Commerce will have total assets of approximately $890 million and 10 full-service banking locations.

Olsen Palmer is one of the top 3-ranked bank M&A advisors according to S&P Global based on the number of whole-bank M&A transactions advised upon since 2020 while, over the same period, the firm is the #1-ranked bank M&A advisor nationwide based on the number of sell-side transactions in which the seller had total assets of $1 billion or less.

Transaction Announcement (PDF)

Olsen Palmer Sponsors the Tennessee Bankers Association's 133rd Annual Meeting

Olsen Palmer is pleased to, again, attend the Tennessee Bankers Association’s 133rd Annual Meeting as a Platinum Sponsor. The event, which is taking place June 18-20, 2023 in Palm Beach, Florida is the premier networking and education event for bankers in Tennessee.

More information about the Tennessee Bankers Association can be found at https://tnbankers.org/.