Olsen Palmer Advises First Citizens in its Agreement to Merge with Park National in $321MM Deal

First Citizens Bancshares, Inc. (OTCEM: FIZN, $2.5 Billion in assets, “First Citizens”) and Park National Corporation (NYSE: PRK, $9.9 Billion in assets, “Park”) today announced they have signed a definitive agreement pursuant to which First Citizens will merge with and into Park.

Olsen Palmer LLC initiated the transaction, is serving as exclusive financial advisor to First Citizens Bancshares, Inc., and issued a fairness opinion to its Board of Directors.

The aggregate value of the all-stock transaction is approximately $321.0 million, based on the mutually-agreed upon fixed exchange ratio of 0.52 and Park’s recent average closing price, valuing First Citizens at a price-to-tangible book multiple of 1.84x and a price-to-earnings (LTM) multiple of 15.0x.

This is Park’s largest ever bank acquisition and its first in 7 years. With this transaction, Park will enter a new state banking market and will also cross over the $10 billion asset threshold.

Olsen Palmer remains one of the top 3 bank M&A advisors nationwide – and #2 sell-side – as ranked by the aggregate number of whole-bank M&A transactions advised upon since 2020. Over that same period, the firm’s Managing Partner Christopher Olsen is the #1 individual bank M&A advisor nationwide as ranked by total deal count, according to S&P Global.

Transaction Announcement (PDF)

Olsen Palmer Advises TruPoint Bank in Acquisition of First Community Bank

Miners and Merchants Bancorp, Inc. (“Miners and Merchants”), the parent company of TruPoint Bank, and First Community Corporation (OTCPK: FCCT, “First Community”), the parent company of First Community Bank (“FCB”), today jointly announced that Miners and Merchants has acquired First Community and FCB.

Olsen Palmer LLC serves as financial advisor to Miners and Merchants Bancorp, Inc.

The transaction has been approved by the Board of Directors of both companies and has received shareholder and regulatory approvals. The combined institution has 16 branches.

Olsen Palmer remains a top 3 overall bank M&A advisor nationwide based on the number of transactions advised upon since 2020, according to S&P Global.

Transaction Announcement (PDF)

Wrightsville Bancshares, Inc. has Agreed to be Acquired by Century Bancorp, Inc.

Wrightsville Bancshares, Inc. (“Wrightsville”), parent company to Bank of Wrightsville, has announced that it has entered into a definitive agreement to be acquired by Century Bancorp, Inc. (“Century”), parent company to Century Bank & Trust.

Olsen Palmer LLC served as financial advisor to Wrightsville Bancshares, Inc.

The transaction, which is subject to customary closing conditions, including approval from the shareholders of Wrightsville and bank regulatory authorities, is expected to close in Q1 2026. Upon completion of the transaction Century will have 4 branches.

Olsen Palmer remains a top 3 overall bank M&A advisor nationwide based on the number of transactions advised upon since 2020, according to S&P Global.

Transaction Announcement (PDF)

Olsen Palmer Advises Williamsville State Bank & Trust in Its Agreement to be Acquired by Land of Lincoln Credit Union

Williamsville State Bank & Trust (“Williamsville”), a wholly-owned subsidiary of WSB Financial Ltd., and Land of Lincoln Credit Union (“Land of Lincoln”), jointly announced today that they have entered into a definitive agreement whereby Land of Lincoln will purchase substantially all of the assets and liabilities of Williamsville in an all-cash transaction.

Olsen Palmer LLC served as financial advisor to WSB Financial Ltd. and Williamsville State Bank & Trust.

While the agreement is contingent on obtaining regulatory and WSB Financial Ltd. stockholder approvals, the proposed transaction has been unanimously approved by the boards of directors of both institutions.

The transaction is expected to close in the first half of 2026.  Following the completion of the transaction, Williamsville will liquidate and distribute its remaining assets to its stockholders. When the purchase is complete, Land of Lincoln will have $576 million in assets and increase its footprint to a total of 18 branches.

Olsen Palmer remains a top 3 overall bank M&A advisor nationwide based on the number of transactions advised upon since 2020, according to S&P Global.

Transaction Announcement (PDF)

Olsen Palmer Advises Heritage Bank in its Acquisition of Fidelity State Bank and Trust Company

Topeka, Kansas-based Heritage Bancshares, Inc., the holding company of Heritage Bank (together, “Heritage”), and Topeka, Kansas-based Fidelity Kansas Bankshares, Inc., the holding company of Fidelity State Bank and Trust Company, announced today that Heritage has acquired Fidelity State Bank and Trust Company. Fidelity State Bank and Trust Company will be merged with and into Heritage Bank with Heritage Bank as the surviving entity.

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

With the consummation of the transaction, Heritage will have greater than $300 million in total assets and top-10 deposit market share in the Topeka, KS MSA.

Olsen Palmer remains a top 3 overall bank M&A advisor nationwide based on the number of transactions advised upon since 2020 according to S&P Global.

Transaction Announcement (PDF)