22nd State Bank, subsidiary of FEB Bancshares Inc., announced that it has entered into a Purchase and Assumption agreement to sell 5 branch locations (the “Branches”) to All In Credit Union. Upon consummation of this transaction 22nd State Bank will continue to operate as an independent community bank through its remaining branches.
Olsen Palmer LLC served as financial advisor to FEB Bancshares Inc. in conjunction with this transaction.
Pursuant to the terms of the Purchase and Assumption Agreement, All In has agreed to assume certain deposit liabilities and to acquire certain loans, as well as cash, real property, personal property and other fixed assets associated with the Branches. As of October 31, 2023 the deposit and loan balances associated with the transaction were approximately $145 million and $130 million, respectively.
The transaction, which has been unanimously approved by the Board of Directors of both institutions but remains subject to customary closing conditions and the receipt of required regulatory approvals, is expected to close no later than the third quarter of 2024.