Escambia County Bank (“ECB”) has been acquired by USAL Bancorp, Inc., parent company of AmeriFirst Bank (“AmeriFirst”).
Olsen Palmer LLC served as exclusive financial advisor and issued a fairness opinion to Escambia County Bank.
In connection with the transaction, ECB shareholders were issued a one-time special cash dividend prior to closing and received cash consideration from AmeriFirst which was subject to adjustments and certain requirements. Valuation multiples and the consideration value were not publicly disclosed.
The transaction, which was approved unanimously by each company’s Board of Directors, also received approval from ECB’s shareholders and applicable regulators.
As result of the transaction, AmeriFirst Bank now has total assets in excess of $280 million and a total of 5 branches.
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.