Eureka Savings Bank announced the signing of a definitive merger agreement with Wenona Bancorp Inc., parent company of Wenona State Bank. Under the terms of the agreement, Eureka Savings Bank will acquire Wenona Bancorp Inc. in an all cash transaction. The merger agreement has been unanimously approved by the board of directors of both banks and is expected to close in the first quarter of 2021, which is subject to customary closing conditions including regulatory approval and approval by the shareholders of Wenona Bancorp Inc.
Olsen Palmer LLC served as exclusive financial advisor to Eureka Savings Bank.
Eureka Savings Bank President and Chief Executive Officer, John McCormick said, “We are excited about this partnership, which introduces Eureka Savings Bank to the Marshall County community and we look forward to earning the continued loyalty and business of Wenona State Bank’s customers.”
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.