Olsen Palmer Advises Algonquin State Bank in its Sale to Michigan State University Federal Credit Union

Algonquin State Bank and its parent holding company, First Algonquin Company, announced that it has been acquired by Michigan State University Federal Credit Union (MSUFCU). Pursuant to the definitive agreement, MSUFCU purchased substantially all assets and assumed substantially all liabilities of Algonquin State Bank.

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

With the transaction finalized, the combined institution has approximately $8.0 billion in assets. Vedder Price P.C. acted as legal advisor to Algonquin State Bank in connection with the transaction.

Transaction Announcement (PDF)

Olsen Palmer Advises First Minnetonka City Bank in its Agreement to be Acquired by Bridgewater Bank

First Minnetonka City Bank and Bridgewater Bancshares, Inc. (Nasdaq: BWB) (“Bridgewater”), the parent company of Bridgewater Bank, announced today the signing of a definitive merger agreement under which Bridgewater would acquire First Minnetonka City Bank in an all-cash transaction.

Olsen Palmer LLC served as financial advisor to First Minnetonka Bancorporation, Inc.

The transaction has been unanimously approved by each company’s board of directors and by the shareholders of First Minnetonka City Bank’s parent company, First Minnetonka Bancorporation, Inc. The transaction is expected to close during the fourth quarter of 2024, subject to regulatory approvals and other customary closing conditions.

At the closing of the transaction, First Minnetonka City Bank will merge with and into Bridgewater Bank. The combined organization is expected to have approximately $4.9 billion in total assets, $4.0 billion in deposits, $3.9 billion in              loans and leases.

Transaction Announcement (PDF)

Olsen Palmer Sponsors the Kansas Bankers Association CEO & Senior Management Summit and Annual Meeting

Olsen Palmer is pleased to be a continued sponsor of the Kansas Bankers Association CEO & Senior Management Summit and Annual Meeting. The event takes place August 8-10, 2024 at The Broadmoor in Colorado Springs, CO.

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

Olsen Palmer Advises Bank of Ripley in its Agreement to be Acquired by Security Bank and Trust Company

Bancshares of Ripley, Inc. (“BRI”), the parent company of Bank of Ripley (“Bank of Ripley” and collectively with BRI, “Ripley”), and Security Bancshares, Inc. (“SBI”), the parent company of Security Bank and Trust Company (“Security Bank” and collectively with SBI, “Security”), announced the signing of a definitive agreement providing for the merger of SBI and BRI, with SBI to be the surviving entity, and the merger of Security Bank and Bank of Ripley, with Security Bank to be the surviving entity.

Olsen Palmer LLC served as financial advisor to Bancshares of Ripley, Inc. in connection with this transaction.

Upon completion of the transaction, security will maintain the Ripley name and branding for a period of time and Craig Fitzhugh, Ripley Chairman and CEO, will join the Security team as a member of its Board of Directors.

The definitive agreement has been unanimously approved by the respective Boards of Directors of Security and Ripley. The transaction, which is subject to customary closing conditions, including receipt of required regulatory approvals and approval by the shareholders of Ripley, is expected to close in the fourth  quarter of 2024.

Transaction Announcement (PDF)

Olsen Palmer Advises Alliance Bank in its Agreement to be Acquired by The Bennington State Bank

New Millennium Bankshares, Inc. and its wholly-owned subsidiary Alliance Bank announced that they have entered into a definitive agreement under which Berco, Inc., the bank holding company for The Bennington State Bank (BSB), will acquire Alliance Bank.

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

The merger agreement has been approved by the boards of directors of both holding companies and banks. The transaction is subject to customary closing conditions, including regulatory approvals and approval by New Millennium Bankshares, Inc. stockholders, and is expected to close in the fourth quarter of 2024.

Founded in 1998, Alliance Bank operates at two locations  with $149 million in assets as of June 30th, 2024.

Transaction Announcement (PDF)