BancStar, Inc., the holding company of Bank Star, has been acquired by Rhineland Bancshares, Inc., the holding company of Peoples Savings Bank. With the closing of this transaction, BancStar, Inc. has merged with and into Rhineland Bancshares, Inc. with Rhineland Bancshares, Inc. continuing as the surviving entity. The merger of Bank Star and Peoples Savings Bank is expected to take place early in the third quarter.
Olsen Palmer LLC served as financial advisor to BancStar, Inc.
The transaction was approved by the board of directors of each company and was subject to customary closing conditions including shareholder and regulatory approvals. The combined institution has 18 banking offices.
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