FSC Bancshares Inc. (“FSC”), the holding company for Farmers State Bank, and Hawthorn Bancshares, Inc. (“Hawthorn”) (NASDAQ: HWBK), the holding company for Hawthorn Bank, jointly announced the signing of an Agreement and Plan of Reorganization pursuant to which Hawthorn will acquire FSC in a cash and stock transaction valued at approximately $28.3 million in the aggregate, based on Hawthorn’s closing stock price of $34.57 as of April 28,2026.
Olsen Palmer LLC issued a fairness opinion to FSC Bancshares, Inc.
The proposed transaction is expected to be completed in the third quarter of 2026, subject to the satisfaction of customary closing conditions, including approval by FSC shareholders and the receipt of all required regulatory approvals.
Olsen Palmer is the #1 sell-side bank M&A advisor nationwide and one of the top 3 overall (sell-side + buy-side) based on transaction count since 2025, according to S&P Global.