First Bank of Alabama has Agreed to Acquire First Fidelity Bank

FirstBanc of Alabama, Inc. (“FBAI”), parent company of First Bank of Alabama, and FBDC Financial Corp. (“FBDC”), parent company of First Fidelity Bank, announced today the signing of a definitive agreement whereby FBDC will be merged with and into FBAI; additionally, First Fidelity Bank will be merged with and into First Bank of Alabama as part of the transaction. FBAI will pay $20.5 million in the aggregate, with 60% of the purchase price to be paid in FBAI stock and 40% to be paid in cash. Legacy FBAI shareholders will own approximately 90% of the combined institution and legacy FBDC shareholders will own roughly 10%. In connection with the transaction, one director of FBDC will join the boards of FBAI and First Bank of Alabama.

Olsen Palmer LLC served as financial advisor and issued a fairness opinion to FirstBanc of Alabama, Inc.

After the transaction, First Bank of Alabama will have total assets of approximately $1.3 billion. The transaction has been unanimously approved by the Boards of both institutions but remains subject to customary conditions, including the approval of FBDC Financial Corp.’s shareholders and the receipt of required regulatory approvals.

Olsen Palmer is the #2 sell-side bank M&A advisor nationwide — and top 3 overall — based on total deal count since 2020, according to S&P Global.

Transaction Announcement (PDF)

Olsen Palmer Advised The New Washington State Bank in its Acquisition of State Bank of Medora

New Independent Bancshares, Inc., parent company of The New Washington State Bank (“NWSB”), and State Bank of Medora jointly announced New Independent has acquired State Bank of Medora.

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

With the consummation of the transaction, NWSB has 11 banking offices located in Southern Indiana and approximately $725 million in total assets. NWSB is set to further expand their footprint with the opening of a de novo branch by year end. Financial terms of the transaction were not disclosed.

Olsen Palmer is the #2 sell-side bank M&A advisor nationwide — and top 3 overall — based on total deal count since 2020, according to S&P Global.

Transaction Announcement (PDF)

Olsen Palmer Advised Bank of the Southwest in its Agreement to be Acquired by GECU

Bank of the Southwest, a wholly-owned subsidiary of New Mexico National Financial Incorporated, and GECU announced that they have entered into a definitive agreement whereby GECU will  purchase substantially all of the assets and assume substantially all the liabilities of Bank of the Southwest.

Olsen Palmer LLC served as financial advisor to New Mexico National Financial Incorporated.

Following completion of the acquisition, which is subject to approval from the National Credit Union Administration, the Federal Deposit Insurance Corporation and the New Mexico Financial Institutions Division, the combined entity is expected to emerge as a $4.7 billion organization serving more than 440,000 members and customers with more than 30 branches. The proposed acquisition received the unanimous support of GECU’s and Bank of the Southwest’s Boards of Directors and their respective leadership teams.

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 Advised Citizens Bank & Trust in its Agreement to be Acquired by CB&S Bank

TAG Bancshares, Inc. (“TAG”), holding company for Citizens Bank & Trust, and CBS Banc-Corp. (“CBS”), holding company for CB&S Bank, announced the signing of a definitive merger agreement whereby TAG will merge with and into CBS. Shareholders of TAG will receive 100% cash consideration.

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

The merger of CBS and TAG will create a combined company with approximately $3.0 billion in assets. The transaction is expected to close in the first quarter of 2026. Upon completion of the merger, the combined company will continue to operate under the CB&S Bank brand.

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 Advised Farmers & Merchants Union Bank in its Agreement to Acquire American Bank of Beaver Dam

Jewel Box Financial Services, Inc. (“Jewel Box”), the holding company of Farmers & Merchants Union Bank (“FMUB”), and Ambanc Financial Services, Inc. (“Ambanc”), the holding company of American Bank of Beaver Dam (“American Bank”), have jointly announced today that they have entered into an agreement and plan of merger whereby Jewel Box will acquire Ambanc subject to customary shareholder and regulatory approval. Jewel Box will then merge American Bank into FMUB and the surviving bank will operate under the Farmers & Merchants Union Bank name.

Olsen Palmer LLC served as financial advisor to Jewel Box Financial Services, Inc.

The transaction has been approved by the board of directors of each company and is expected to close in the first quarter of 2026.

Nationwide, Olsen Palmer is one of the top 3 overall bank M&A advisors based on the number of transactions advised upon since 2020, according to S&P Global.

Transaction Announcement (PDF)