First Savanna Savings Bank (“First Savanna”) and Citizens State Bank (“Citizens State”), a wholly-owned subsidiary of First Lena Corporation, announced today that First Savanna will merge into Citizens State.
Olsen Palmer LLC served as financial advisor to First Savanna Savings Bank.
The proposed merger has received unanimous approval from the Board of Directors of each organization and is subject to regulatory approvals, as well as other customary closing conditions. The acquisition is expected to close in the fourth quarter of 2022.
Olsen Palmer remains one of the top 3 bank M&A advisory firms nationwide according to S&P Global, as ranked by the total number of whole-bank M&A transactions the firm has advised upon over the last three years.