Olsen Palmer is pleased to announce multiple recent unrelated bank M&A transactions.
On December 26th, 2019, First Savanna Savings Bank (Savanna, IL) signed a purchase and assumption agreement pursuant to which Collins Community Credit Union (Cedar Rapids, IA) will acquire substantially all of the assets and assume substantially all of the liabilities of First Savanna Savings Bank. The transaction, which has received unanimous approval from the Boards of Directors of each organization but remains subject to regulatory approval and other customary closing conditions, is expected to close in the first half of 2020. Following completion of the transaction First Savanna Savings Bank’s customers will become members of Collins Community Credit Union and First Savanna Savings Bank will be dissolved. This is a pioneering transaction structure insofar as this is the first instance of a credit union acquiring a mutual depository institution. Olsen Palmer LLC served as exclusive advisor to First Savanna Savings Bank in connection with this transaction.
On December 27th, 2019, The Poplar Grove State Bank (Poplar Grove, IL) was acquired by High Point Financial Services, Inc. (Forreston, IL) in an all-cash transaction. Olsen Palmer LLC served as exclusive financial advisor to The Poplar Grove State Bank in connection with this transaction.
On January 1st, 2020, Community Bank & Trust and its parent company (Ashland City, TN) was acquired by Reliant Bancorp Inc. (Brentwood, TN) in a stock-and-cash transaction with an announced valued of approximately $38.2 million. Olsen Palmer LLC served as exclusive financial advisor to Community Bank & Trust in connection with this transaction.
Finally, we are pleased to report that Olsen Palmer LLC was ranked as a Top 3 bank M&A financial advisor across the entire U.S. in 2019 according to SNL Financial/S&P Global, as ranked based on the number of whole-bank sell-side M&A transactions advised upon in 2019 and, among those transactions in which the seller had less than $3 billion in assets, Olsen Palmer was ranked #2 in 2019.
For additional information or with any questions on bank M&A conditions, valuation, or strategic options please feel free to contact me at 202-627-2043 or colsen@olsenpalmer.com.