OLSEN PALMER ADVISES FIRST MADISON BANK & TRUST IN AGREEMENT TO BE ACQUIRED BY UNITED COMMUNITY BANKS, INC.

Olsen Palmer is pleased to announce that First Madison Bank & Trust (“First Madison”) has agreed to be acquired by United Community Banks, Inc. (“United”, NASDAQ: UCBI) in an all-cash transaction valued at approximately $52 million. The merger will expand United’s presence into a fast-growing market area and is a natural geographic extension of its existing footprint.  

Olsen Palmer LLC served as exclusive financial advisor and issued a Fairness Opinion to First Madison Bank & Trust.

The aggregate merger consideration of approximately $52 million is equivalent to 1.94x First Madison’s normalized tangible common equity (“TCE”) based on a normalized TCE ratio of 9.0%. The transaction is expected to be approximately 2% dilutive to United’s tangible book value per share, including one-time transaction costs, and slightly accretive to United’s fully diluted earnings per share for its partial year contribution in 2019, excluding one-time transaction costs, and $.05 per share accretive in 2020. 

Upon consummation of the transaction, First Madison will merge into United Community Bank and operate under its brand. 

Closing, which is subject to customary conditions including receipt of required regulatory approvals and the approval of First Madison’s shareholders, is expected to occur in the second quarter of 2019.

Download Transaction (PDF)

About Olsen Palmer LLC               

Olsen || Palmer is an independent, nationally-recognized investment banking firm that advises financial institutions across Mergers & Acquisitions. By design, advising clients is our only business allowing a truly client-centric approach: nimble, high-touch, and conflict-free. Specializing in buy-side M&A advisory, sell-side M&A advisory, valuations, fairness opinions, branch acquisitions and divestitures, and Board-level assessments of strategic options.

OLSEN PALMER ADVISES NORTHSIDE BANK AND ITS PARENT COMPANY IN AGREEMENT TO MERGE WITH FIRST NATIONAL COMMUNITY BANK AND ITS PARENT COMPANY

Olsen Palmer is pleased to announce that NorthSide Bancshares, Inc. (“NBI”), parent of NorthSide Bank (“NorthSide”), and First Chatsworth Bankshares, Inc. (“FCBI”), parent of First National Community Bank (“FNCB”), have executed a definitive merger agreement under which FCBI will merge with NBI and NorthSide through an all-stock transaction with FCBI and FNCB as the surviving parent company and banking subsidiary, respectively.

Olsen Palmer LLC served as exclusive financial advisor to NorthSide Bank and its parent company NorthSide Bancshares, Inc.

Upon completion of the merger, the combined organization will have approximately $300 million in assets, $250 million in deposits, 83 associates, 7 branches across 4 Georgia counties, and a loan production office in Chattanooga, Tennessee. Larry Flowers, NorthSide’s current President and CEO, will assume those same roles for both FCBI and FNCB following consummation of the transaction.

The transaction, which is expected to close in the 2nd quarter of 2019, remains subject to approval by NorthSide Bancshares, Inc.’s shareholders and approval by federal and state regulatory authorities as well as the satisfaction of other customary closing conditions provided in the merger agreement.

If you would like additional information or have any questions – on M&A, valuation, or strategic options – please feel free to contact us at 202-627-2043 or colsen@olsenpalmer.com.

Download Transaction Announcement (PDF)

About Olsen Palmer LLC               

Olsen || Palmer is an independent, nationally-recognized investment banking firm that advises financial institutions across Mergers & Acquisitions. By design, advising clients is our only business allowing a truly client-centric approach: nimble, high-touch, and conflict-free. Specializing in buy-side M&A advisory, sell-side M&A advisory, valuations, fairness opinions, branch acquisitions and divestitures, and Board-level assessments of strategic options.

For more information, please visit www.OlsenPalmer.com.

OLSEN PALMER ADVISES SENB BANK IN AGREEMENT TO ACQUIRE GATEWAY COMMUNITY BANK

Olsen Palmer is pleased to announce that Moline, Illinois-based McLaughlin Holding Company, parent company of SENB Bank, has signed a definitive merger agreement to acquire Gateway Banc Corp., parent company of Gateway Community Bank in Roscoe, Illinois.

Olsen Palmer served as exclusive financial advisor to the parent company of McLaughlin Holding Company. Roger Hernandez, Director and head of the firm’s Chicago office, and Christopher Olsen, Managing Partner based in the firm’s Washington, DC office, served as lead advisors on the transaction.

Upon completion of the merger, the combined company will have assets of $309 million, deposits of $227 million, gross loans of $208 million, and will operate 7 branches throughout Illinois, Iowa, and Wisconsin.

The transaction, which is subject to customary conditions including regulatory approval and approval by the shareholders of Gateway Banc Corp., is expected to close in the second quarter of 2019.

Download Transaction Announcement (PDF)

About Olsen Palmer LLC

Olsen || Palmer is an independent, nationally-recognized investment banking firm that exclusively advises financial institutions across Mergers & Acquisitions. By design, advising clients is our only business allowing a truly client-centric approach: nimble, high-touch, and conflict-free.

Specializing in buy-side M&A advisory, sell-side M&A advisory, valuations, fairness opinions, branch acquisitions and divestitures, and Board-level assessments of strategic options.

OLSEN PALMER ADVISES FIRST NATIONAL BANK OF MCHENRY IN AGREEMENT TO BE ACQUIRED BY BLACKHAWK BANK

Washington D.C. – Olsen Palmer is pleased to announce that McHenry, Illinois-based First McHenry Corporation, parent company of First National Bank of McHenry, has signed a definitive merger agreement whereby 100% of First McHenry common stock will be acquired by Beloit, Wisconsin-based Blackhawk Bancorp, Inc. (OTCQX: BHWB), parent company of Blackhawk Bank in an all-cash transaction.

The transaction price of $23.0 million equated to 1.6x the seller’s tangible book value and 25x the seller’s earnings (LTM).

Olsen Palmer LLC served as exclusive financial adviser to First McHenry Corporation. Christopher Olsen, Managing Partner, and Roger Hernandez, Director and head of the firm’s Chicago office, served as lead advisors on the transaction.

The transaction, which is subject to customary conditions including regulatory approval and approval by the shareholders of First McHenry, is expected to close in the first quarter of 2019.

If you have any questions or would like additional information, please feel free to contact 202-627-2043 or colsen@olsenpalmer.com.

Download Transaction Announcement (PDF)

About Olsen Palmer LLC

Olsen || Palmer is an independent, nationally-recognized investment banking firm that exclusively advises financial institutions across Mergers & Acquisitions. By design, advising clients is our only business allowing a truly client-centric approach: nimble, high-touch, and conflict-free.

Specializing in buy-side M&A advisory, sell-side M&A advisory, valuations, fairness opinions, branch acquisitions and divestitures, and Board-level assessments of strategic options.

For more information, please visit www.OlsenPalmer.com.

OLSEN PALMER ADVISES CATOOSA BANCSHARES, INC., PARENT COMPANY OF CAPITAL BANK, IN AGREEMENT TO MERGE WITH FNB BANCSHARES, INC.

Washington, D.C. – Olsen Palmer is pleased to announce that Catoosa Bancshares, Inc. (“Catoosa”), parent of Capital Bank (Fort Oglethorpe, GA), and FNS Bancshares, Inc. (“FNS”), parent of FNB Bank (Scottsboro, AL), have signed a definitive agreement pursuant to which Catoosa will merge with and into FNS in an all cash transaction.

Olsen Palmer LLC served as exclusive financial adviser to the parent company of Capital Bank.

Upon completion of the merger, the combined company will have assets of $649 million, deposits of $575 million, and gross loans of $460 million, and will operate 16 branches throughout northeast Alabama, northwest Georgia, and in the Nashville and Chattanooga MSAs.

Following the merger, Joseph M. “Joe” Haskins, Chairman, President and CEO of Catoosa, will become the Senior Director of Market Development with the responsibility for identifying and developing opportunities throughout Chattanooga and northwest Georgia.

The transaction, which has been approved by the Boards of Directors of each company and is subject to regulatory approvals, is expected to close in the fourth quarter of 2018.

Olsen Palmer has now advised on approximately $800 million in total bank M&A transaction value over the past 36 months.

If you have any questions or would like additional information, please feel free to contact 202-627-2043 or colsen@olsenpalmer.com.

Download Transaction Announcement (PDF)

About Olsen Palmer LLC

Olsen || Palmer is an independent, nationally-recognized investment banking firm that exclusively advises financial institutions across Mergers & Acquisitions. By design, advising clients is our only business allowing a truly client-centric approach: nimble, high-touch, and conflict-free.

Specializing in buy-side M&A advisory, sell-side M&A advisory, valuations, fairness opinions, branch acquisitions and divestitures, and Board-level assessments of strategic options.

For more information, please visit www.OlsenPalmer.com.