Olsen Palmer is pleased to be a continued sponsor of the Tennessee Bankers Association’s Washington Conference. The event, which took place May 6-8, 2024 in Washington, DC is a premier event for Tennessee Bankers.
More information about the Tennessee Bankers Association can be found at https://tnbankers.org/.
OneSouth Bank, the banking subsidiary of OneSouth Financial, Inc., has been acquired by Five Star Credit Union. The deal was structured as a purchase and assumption transaction and the consideration was all-cash.
Olsen Palmer LLC served as financial advisor to OneSouth Financial, Inc.
Upon consummation, Five Star has total assets of approximately $1 billion and 25 full-service banking locations.
Fenimore Kay Harrison LLP served as legal advisor to One South Financial, Inc. and Honigman LLP served as legal advisor to Five Star Credit Union.
Levo Credit Union (“Levo”) plans to acquire a Sioux City, Iowa, bank branch from Heritage Bank, National Association (“Heritage”). The branch is located at 4530 Singing Hills Boulevard. Levo, which is headquartered in Sioux Falls, South Dakota, has entered into an agreement with Heritage, which is based in Spicer, Minnesota.
Olsen Palmer LLC served as financial advisor to Heritage Bancshares Group, Inc. in connection with this transaction.
Once the agreement is approved by regulatory authorities, Levo will take on some deposits and loans, as well as property. Heritage customers will officially transition to Levo when the transaction closes, which is expected to happen in the fourth quarter of 2024. Levo recently announced an expansion of its service area from 4 counties around Sioux Falls to 29 counties along the I-29 corridor in South Dakota, Iowa, North Dakota, and Minnesota.
Johnson County Bank and Skyline Bankshares, Inc. (“Skyline”, OTCQX: SLBK), the holding company of Skyline National Bank, announced today that they have entered into a definitive agreement to combine their companies. Under the terms of the agreement, Johnson County Bank will merge with and into Skyline National Bank in an all cash transaction valued at $25.0 million. Furthermore, one Johnson County Bank director, the current CEO of Johnson County Bank, will be invited to join the Skyline Board of Directors.
Olsen Palmer LLC served as financial advisor to Johnson County Bank in connection with this transaction and issued a Fairness Opinion to its Board of Directors.
Luse Gorman, PC acted as legal advisor to Johnson County Bank in connection with the transaction.
The combination is subject to approval by Johnson County Bank's shareholders, banking regulators, and other customary closing conditions. The transaction is expected to be completed during the second half of 2024.
Lafayette Bancorp, Inc. (“Lafayette”), the holding company of Oxford University Bank, and Guaranty Capital Corporation (“Guaranty”), the holding company of Guaranty Bank & Trust Company (“Guaranty Bank”), announced Guaranty has acquired Lafayette.
Olsen Palmer LLC served as financial advisor to Lafayette Bancorp, Inc. in conjunction with this transaction.
With completion of the transaction, Oxford University Bank will become a wholly owned subsidiary of Guaranty. Guaranty expects to merge Oxford University Bank with and into Guaranty Bank, with Guaranty Bank surviving.
Founded in 2000, Lafayette had total assets exceeding $240 million and three locations across 2 counties as of December 31, 2023. Post-acquisition, the combined companies have approximately $2.7 billion in assets with 41 branches.
Butler Snow served as legal advisor to Lafayette and Hunton Andrews Kurth served as legal advisor to Guaranty.
