New Independent Bancshares, Inc. (“New Independent”), parent company of The New Washington State Bank (“NWSB”), and State Bank of Medora, today jointly announced the signing of a definitive merger agreement whereby New Independent will acquire State Bank of Medora.
Olsen Palmer LLC serves as financial advisor to New Independent Bancshares, Inc., parent of The New Washington State Bank.
Based on the most recently reported financials, the combined institution is expected to have approximately $725 million in total assets and 11 banking offices located in Southern Indiana. The transaction, which has been approved by the Board of Directors of each company and is subject to shareholder and regulatory approval, is expected to close the second half of 2025.
Olsen Palmer remains a top 3 bank M&A advisor nationwide based on the number of transactions advised upon since 2020, according to S&P Global.