Olsen Palmer Advises Denver Bankshares, Inc. in its agreement to be acquired by MidWestOne Financial Group, Inc.

MidWestOne Financial Group, Inc. (Nasdaq: MOFG) today announced that it has executed a definitive merger agreement to acquire Denver Bankshares, Inc., the parent company for the Bank of Denver. This transaction is an all cash deal that has been approved by the respective board of directors, and is expected to close in the first quarter of 2024. MidWestOne Financial Group, Inc. will pay $32.6 million in cash consideration to acquire Denver Bankshares, Inc.

Olsen Palmer LLC served as financial advisor to Denver Bankshares, Inc.

The Bank of Denver had $271.5 million in assets, $198.0 million in loans and $242.0 million in deposits as of June 30, 2023. Denver Bankshares, Inc.’s Chief Executive Officer, Lori Radcliffe, will become part of MidWestOne Financial Group Inc.’s market leadership team.

Transaction Announcement (PDF)

Olsen Palmer Sponsors the Independent Community Bankers of Colorado Annual Convention

Olsen Palmer is pleased to be a Bronze Sponsor of the Independent Community Bankers of Colorado Golden Jubilee Annual Convention. The event, which took place September 20-22 in Vail, Colorado, is the premier opportunity networking and education event for Colorado bankers.

More information about the Independent Community Bankers of Colorado can be found at https://icbcolo.org/.

Olsen Palmer Sponsors the Kansas Bankers Association March on Washington

Olsen Palmer is pleased to be a Gold Sponsor of the Kansas Bankers Association 2023 March on Washington. The event, which took place September 18-20 in Washington, DC, is the premier opportunity for KBA members to network and have face-to-face conversations with key federal staffers.

More information about the Kansas Bankers Association can be found at https://ksbankers.com/.

Olsen Palmer Sponsors the Alabama Bankers Association 2023 DC Fly-In

Olsen Palmer is pleased to sponsor the Alabama Bankers Association 2023 DC Fly-In. The event, which took place September 18-20 in Washington, DC, is the premier opportunity for ABA members to have face-to-face conversations with key federal staffers.

More information about the Alabama Bankers Association can be found at https://alabama.bank.

Olsen Palmer Advises Mississippi River Bank in its agreement to be acquired by Merchants & Marine Bank

Mississippi River Bank has entered into a definitive agreement to be acquired by Merchants & Marine Bancorp, Inc. (“MNMB”, OTCQX: MNMB).

Olsen Palmer LLC served as financial advisor to Mississippi River Bank in connection with the proposed transaction.

Upon completion of the proposed transaction, Mississippi River Bank will continue to operate under its existing branding as a division of MNMB’s wholly-owned bank subsidiary, Merchants & Marine Bank. Current Mississippi River Bank Chief Executive Officer and its President / Chief Operations Officer will both continue to lead the Mississippi River Bank division in their existing roles.

The transaction, which is subject to customary closing conditions including the approval of Mississippi River Bank’s shareholders and the receipt of all necessary regulatory approvals, is expected to be completed during the first quarter of 2024. 

Transaction Announcement (PDF)