Washington, D.C. – Olsen Palmer is pleased to announce that Southern Community Bank (“SCB”) and its parent company (“TBI”) have agreed to be acquired by SmartFinancial, Inc. (NASDAQ: SMBK), parent of SmartBank, for total transaction consideration of approximately $33.1 million.

Olsen Palmer LLC served as exclusive financial advisor and issued a Fairness Opinion to the parent company of Southern Community Bank.

Under the terms of the merger agreement, each share of TBI common stock will be exchanged for 0.8065 shares of SmartFinancial common stock, equal to $31.8 million based on SmartFinancial’s recent closing price. Additionally, subject to satisfaction of certain conditions, TBI may pay a one-time special cash dividend of up to $0.70 per common share, approximately $1.3 million in the aggregate, immediately prior to closing.

Following the merger, Southern Community CEO Bill Yoder will assume the role of Chief Banking Officer for SmartBank and Clifton Miller will join the SmartFinancial and SmartBank boards of directors.

The transaction, which is subject to TBI shareholder approval and the receipt of all necessary regulatory approvals, is expected to be completed in the 2nd quarter of 2018.

Olsen Palmer has advised on approximately $700 million in total bank M&A transaction value over the past 36 months.

If you have any questions or would like additional information, please feel free to contact 202-627-2043 or colsen@olsenpalmer.com.


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About Olsen Palmer LLC

Olsen || Palmer is an independent, nationally-recognized investment banking firm that exclusively advises financial institutions across Mergers & Acquisitions. By design, advising clients is our only business allowing a truly client-centric approach: nimble, high-touch, and conflict-free.

Specializing in buy-side M&A advisory, sell-side M&A advisory, valuations, fairness opinions, branch acquisitions and divestitures, and Board-level assessments of strategic options.

For more information, please visit www.OlsenPalmer.com.