Olsen Palmer is pleased to announce that BankFirst Capital Corporation (“BankFirst”, OTC: BFCC), parent of BankFirst Financial Services, has signed a definitive merger agreement with Traders & Farmers Bancshares, Inc. (“T&F”), parent of Traders & Farmers Bank, under which BankFirst will acquire T&F.
Olsen Palmer LLC served as exclusive financial advisor to BankFirst in connection with this transaction.
Under the terms of the definitive agreement, shareholders of T&F will receive from BankFirst a mix of cash and shares of BankFirst common stock valued at $49 million in the aggregate, subject to adjustment. The T&F shareholders will also be eligible to receive from T&F a special cash dividend in the amount of $33 million in the aggregate.
After the merger is completed, the combined company will operate under the BankFirst brand with 31 offices and will have total assets in excess of $1.6 billion.
The transaction has been unanimously approved by the board of directors of each company, is expected to close in the second quarter of 2020, and is subject to customary closing conditions, including approval from the shareholders of T&F and bank regulatory authorities.
Olsen Palmer LLC remains a leading M&A advisor to community banks: the firm was ranked as a Top 3 bank M&A advisor across the entire U.S. in 2019 according to S&P Global, based on the number of whole-bank sell-side M&A transactions advised upon, while Managing Partner Christopher Olsen was ranked as the #1 individual bank M&A advisor nationwide in 2019 according to S&P Global, based on the total number of whole-bank sell-side and buy-side M&A transactions advised upon.
For additional information on this transaction 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.