Tri-State Bank (“Tri-State”) and Liberty Bank and Trust Company and its parent holding company, Liberty Financial Services, Inc. (collectively, “Liberty”), jointly announced their agreement whereby Tri-State Bank will be acquired by Liberty Bank and Trust Company in an all-cash transaction. Both Liberty and Tri-State are Minority Depository Institutions as defined by the Federal Deposit Insurance Corporation.
Olsen Palmer LLC served as exclusive financial advisor and issued a fairness opinion to Tri-State Bank.
With the proposed transaction, Liberty will have approximately $965 million in assets and offices in 12 cities on a pro forma basis.
The transaction has been approved by the Board of Directors of both companies but remains subject to Tri-State Bank’s shareholder approval and customary regulatory approvals. The transaction is expected to close before the end of 2021.
Olsen Palmer LLC is the #1 community bank M&A advisor nationwide according to S&P Global, as ranked by the number of whole-bank sell-side M&A transactions advised upon over the last twelve months in which seller had total assets less than $5 billion.