Marshall Financial Corporation (“MFC”), parent company of Citizens Bank, has been acquired by Holly Springs Bancshares, Inc. (“HSBI”), parent company of Bank of Holly Springs.
Olsen Palmer LLC served as exclusive financial advisor and issued a fairness opinion to Marshall Financial Corporation.
In connection with this transaction, MFC shareholders received cash consideration and were also issued a one-time special cash dividend prior to closing, which was subject to adjustments and certain requirements as more fully described in the Agreement.
Citizens Bank’s President and CEO has joined Bank of Holly Springs’ management team as a result of the merger.
The transaction, which was approved unanimously by each company’s Board of Directors, also received approval from MFC’s shareholders and applicable regulators.
Olsen Palmer LLC is the #2 bank M&A advisor nationwide according to S&P Global, based on the number of whole-bank M&A transactions advised upon in 2020 year-to-date.
TRANSACTION ANNOUNCEMENT (PDF)