Washington, D.C. – Olsen Palmer is pleased to announce that American Trust Bank of East Tennessee (“American Trust”) has agreed to be acquired by Citizens Bank for $19.8 million in cash. The transaction, which has been unanimously approved by the Boards of both institutions, is expected to be completed in the 4th quarter of 2016.
Founded in 2004, American Trust has total assets of $141 million and operates 4 branches across 3 counties. Founded in 1934, Citizens Bank, wholly-owned subsidiary of Citco Community Bancshares, has total assets in excess of $700 million and operates 12 branch locations across 6 counties.
Olsen Palmer LLC served as exclusive financial advisor and issued a fairness opinion to American Trust. This is the 10th whole-bank or branch M&A transaction announced or completed in the past 2 years in which Olsen Palmer has served as advisor.
About Olsen Palmer LLC
Olsen Palmer is a nationally-recognized independent investment banking firm that advises community banks across the full spectrum of Mergers & Acquisitions. We apply a community banking model to investment banking: Nimble, High-touch, and Conflict-free.
We specialize in sell-side advisory, buy-side advisory, valuations, fairness opinions, branch acquisitions / divestitures, and Board-level assessments of strategic options.