Morton Bancorp, Inc., the holding company for Bank of Morton, and Commerce Bancorp, Inc., the holding company for Bank of Commerce, jointly announced that they have entered into an agreement whereby Commerce Bancorp will acquire Morton Bancorp in an all-cash transaction. Other financial terms were not disclosed.
Olsen Palmer LLC served as financial advisor to Morton Bancorp, Inc. in conjunction with this transaction.
The acquisition, which is subject to customary closing conditions, including the approval of Morton Bancorp, Inc. shareholders and the receipt of all necessary regulatory approvals, is expected to be completed by the first quarter of 2024.
As part of the transaction, Bank of Morton will be merged with and into Bank of Commerce. Upon consummation, Bank of Commerce will have total assets of approximately $890 million and 10 full-service banking locations.
Olsen Palmer is one of the top 3-ranked bank M&A advisors according to S&P Global based on the number of whole-bank M&A transactions advised upon since 2020 while, over the same period, the firm is the #1-ranked bank M&A advisor nationwide based on the number of sell-side transactions in which the seller had total assets of $1 billion or less.