Olsen Palmer LLC is pleased to announce that they are a sponsor at Maryland Bankers Association and Virginia Bankers Associations Joint Convention held June 2-4, 2024 in Amelia Island, FL and Managing Partner Christopher Olsen is a featured speaker.
More information about the Maryland Bankers Association can be found at https://www.mdbankers.com/ and the Virginia Bankers Association can be found at https://www.vabankers.org/
RBAZ Bancorp, Inc. (OTCPK: RBAZ, “RBAZ”), the holding company of Republic Bank of Arizona, an Arizona state bank (“Republic Bank”) and Pima Federal Credit Union (“Pima”), announced today that they have entered into a definitive agreement whereby Pima will purchase substantially all of the assets and assume substantially all of the liabilities of Republic Bank in an all-cash transaction.
Olsen Palmer LLC served as financial advisor to RBAZ Bancorp, Inc.
Based on RBAZ’s outstanding shares on a fully-diluted basis, other assumptions, and after taking into consideration the anticipated satisfaction of certain obligations of RBAZ and Republic Bank, including tax liabilities and holding company indebtedness, RBAZ currently estimates that its shareholders will receive approximately $22.00 per fully diluted share upon final liquidation, subject to various adjustments.
The purchase and assumption agreement has been unanimously approved by the Boards of Directors of both organizations. The combination is subject to approval by RBAZ’s shareholders, applicable regulators, and other customary closing conditions. The transaction is expected to be completed during the second half of 2024.
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.
