Landmark Bancorp, Inc. (NASDAQ: LARK) (“Landmark”), the holding company of Landmark National Bank, and Freedom Bancshares, Inc. (“Freedom”), the holding company of Freedom Bank, jointly announced today the execution of a definitive agreement under which Landmark will acquire Freedom and Freedom Bank for cash consideration in the amount of $33.350 million, subject to potential adjustment as more fully described in the agreement.
Olsen Palmer LLC served as financial advisor to Freedom Bancshares, Inc.
The transaction, subject to regulatory and Freedom shareholder approvals, has been unanimously approved by the board of directors of both organizations and is expected to close in the fourth quarter of 2022.
Upon completion of the transaction, Landmark will have total assets of approximately $1.5 billion and 31 total offices in 24 communities across Kansas.
This is the 40th announced or completed community bank M&A transaction Olsen Palmer LLC served as advisor upon since January 1, 2020. 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 advised upon over the last three years.