Olsen Palmer Advises Morton Bancorp, Inc. in its Sale to Commerce Bancorp, Inc.

Morton Bancorp, Inc., the holding company for Bank of Morton, and Commerce Bancorp, Inc., the holding company for Bank of Commerce, jointly announced that Commerce Bancorp has acquired Morton Bancorp in an all-cash transaction. Other financial terms were not disclosed.

Olsen Palmer LLC served as financial advisor to Morton Bancorp, Inc. in conjunction with this transaction.

As part of the transaction, Bank of Morton merged with and into Bank of Commerce. Upon consummation, Bank of Commerce has total assets of approximately $900 million and 10 full-service banking locations, based on financial information as of September 30, 2023.

Fenimore Kay Harrison served as legal advisor to Morton Bancorp, Inc. and Jones Walker served as legal advisor to Commerce Bancorp.

Transaction Announcement (PDF)

Olsen Palmer Advises FEB Bancshares Inc. in its agreement to sell 5 branches to All In Credit Union

22nd State Bank, subsidiary of FEB Bancshares Inc., announced that it has entered into a Purchase and Assumption agreement to sell 5 branch locations (the “Branches”) to All In Credit Union. Upon consummation of this transaction 22nd State Bank will continue to operate as an independent community bank through its remaining branches.

Olsen Palmer LLC served as financial advisor to FEB Bancshares Inc. in conjunction with this transaction.

Pursuant to the terms of the Purchase and Assumption Agreement, All In has agreed to assume certain deposit liabilities and to acquire certain loans, as well as cash, real property, personal property and other fixed assets associated with the Branches. As of October 31, 2023 the deposit and loan balances associated with the transaction were approximately $145 million and $130 million, respectively.

The transaction, which has been unanimously approved by the Board of Directors of both institutions but remains subject to customary closing conditions and the receipt of required regulatory approvals, is expected to close no later than the third quarter of 2024.

Transaction Announcement (PDF)

Olsen Palmer Advises First Bank in its agreement to be acquired by Alabama ONE Credit Union

First Bank, a wholly-owned subsidiary of Peoples Independent Bancshares, Inc., and Alabama ONE Credit Union announced that Alabama ONE has acquired most of the assets and assumed most of the liabilities of First Bank. The transaction was structured as a purchase and assumption transaction, and the consideration was all-cash. Other financial terms were not disclosed.

Olsen Palmer LLC served as financial advisor to Peoples Independent Bancshares, Inc.

With this transaction, Peoples Independent Bancshares, Inc. and its other wholly-owned banking subsidiary, Peoples Independent Bank, will continue normal operations as ongoing entities.

First Bank is a full-service community bank with total assets of approximately $130 million. With this transaction with First Bank, Alabama ONE has total assets of approximately $1.2 billion and 25 branches across Alabama.

Olsen Palmer is the #1 sell-side bank M&A advisor nationwide - and one of the top 3 bank M&A advisors overall - according to S&P Global, based on the number of transactions advised upon in 2023 year-to-date.

Transaction Announcement (PDF)

Olsen Palmer Advises Oxford University Bank in its agreement to be acquired by Guaranty Bank & Trust Company

Lafayette Bancorp, Inc. (“Lafayette”), the holding company of Oxford University Bank, and Guaranty Capital Corporation (“Guaranty”), the holding company of Guaranty Bank & Trust Company (“Guaranty Bank”), announced the signing of a definitive merger agreement pursuant to which Guaranty will acquire Lafayette.

Olsen Palmer LLC served as financial advisor to Lafayette Bancorp, Inc. in conjunction with this transaction.

The transaction has been approved by the board of directors of each company, is expected to close in the first quarter of 2024, and is subject to customary regulatory and shareholder approvals. Upon completion, Oxford University Bank will become a wholly owned subsidiary of Guaranty. Guaranty expects to merge Oxford University Bank with and into Guaranty Bank, with Guaranty Bank surviving, in the second or third quarter of 2024, subject to regulatory approval.

Founded in 2000, Lafayette has total assets exceeding $245 million, three locations across 2 counties, and holds a top 5 ranked share of the Oxford market as of June 30, 2023. Post-acquisition, the combined companies will have approximately $2.6 billion in assets with 39 branches, including the impact of a separate, unrelated transaction.

Olsen Palmer is the #1 sell-side bank M&A advisor nationwide - and one of the top 2 bank M&A advisors overall - according to S&P Global, based on the number of transactions advised upon in 2023 year-to-date.

Transaction Announcement (PDF)

Olsen Palmer Advises Denver Bankshares, Inc. in its agreement to be acquired by MidWestOne Financial Group, Inc.

MidWestOne Financial Group, Inc. (Nasdaq: MOFG) today announced that it has executed a definitive merger agreement to acquire Denver Bankshares, Inc., the parent company for the Bank of Denver. This transaction is an all cash deal that has been approved by the respective board of directors, and is expected to close in the first quarter of 2024. MidWestOne Financial Group, Inc. will pay $32.6 million in cash consideration to acquire Denver Bankshares, Inc.

Olsen Palmer LLC served as financial advisor to Denver Bankshares, Inc.

The Bank of Denver had $271.5 million in assets, $198.0 million in loans and $242.0 million in deposits as of June 30, 2023. Denver Bankshares, Inc.’s Chief Executive Officer, Lori Radcliffe, will become part of MidWestOne Financial Group Inc.’s market leadership team.

Olsen Palmer is one of the top 2 bank M&A advisors – and the #1 sell-side bank M&A advisor – nationwide according to S&P Global based on the number of transactions advised upon in 2023.

Transaction Announcement (PDF)