Savanna-Thomson State Bank, a wholly-owned subsidiary of Savanna-Thomson Investment, Inc. (“STI”) and Fidelity Bank, a wholly-owned subsidiary of Maximum Bancshares, Inc. (“Maximum”) today announced an agreement has been signed where the two banks will combine as equals whereby Fidelity Bank will be acquired under Savanna-Thomson State Bank’s charter.
Olsen Palmer LLC served as financial advisor to both Savanna-Thomson Investment Inc. and Maximum Bancshares, Inc.
The transaction, which is expected to close in the first quarter of 2023, remains subject to customary approval by applicable regulatory authorities as well as the satisfaction of other customary closing conditions provided in the merger agreement.
The agreement was unanimously approved by the boards of directors of both companies. Maximum will merge with and into STI with STI as the surviving entity. The two bank subsidiaries will continue to run independently with plans to merge at a later date.
Olsen Palmer LLC 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.