OLSEN PALMER ADVISED THE FIRST NATIONAL BANK OF WYNNE IN ITS SALE TO FIRST FINANCIAL BANK

Olsen Palmer is pleased to announce that First National Corporation of Wynne and its banking subsidiary The First National Bank of Wynne have been acquired by First Financial Banc Corporation, holding company for First Financial Bank. Attached is a summary of the transaction.

Olsen Palmer LLC served as exclusive financial advisor and issued a Fairness Opinion to First National Corporation of Wynne.

Founded in 1915, The First National Bank of Wynne had total assets of approximately $340 million and 7 branches across 4 counties. With this transaction, First Financial Bank has total assets of approximately $1.4 billion and 17 branches in 9 counties across 2 states.

Olsen Palmer remains ranked as a Top 5 bank M&A advisor across the entire U.S. by S&P Global based on the number of whole-bank sell-side M&A transactions advised upon in 2019 year-to-date.

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

TRANSACTION ANNOUNCEMENT (PDF)

OLSEN PALMER ADVISES PROGRESSIVE SAVINGS BANK IN ITS AGREEMENT TO BE ACQUIRED BY SMARTBANK FOR $41.7 MILLION

Olsen Palmer is pleased to announce that Progressive Financial Group Inc., (“Progressive”), the parent company for Progressive Savings Bank, has entered into a definitive agreement to be acquired by SmartFinancial, Inc. (“SmartFinancial”, NASDAQ: SMBK), parent company for SmartBank, in a stock and cash transaction valued at approximately $41.7 million

Olsen Palmer LLC served as exclusive financial advisor and issued a Fairness Opinion to Progressive Financial Group Inc.

The transaction consideration, which is comprised of 1,292,592.556 shares of SmartFinancial stock and $14.6 million in cash, is valued on an aggregate basis at approximately $41.7 million, based on SmartFinancial’s closing stock price on October 29, 2019.

Upon completion of the merger, Ottis H. Phillips, Chief Executive Officer of Progressive, will join the board of SmartFinancial.

The transaction, which is subject to customary closing conditions including the approval of Progressive shareholders and the receipt of all necessary regulatory approvals, is expected to be completed in the first half of 2020.

Olsen Palmer LLC is ranked as a Top 5 bank M&A advisor across the entire U.S. according to S&P Global, based on the number of whole-bank sell-side M&A transactions advised upon in 2019 year-to-date.

TRANSACTION ANNOUNCEMENT (PDF)

OLSEN PALMER ADVISES NORTH SHORE BANK IN ITS AGREEMENT TO SELL 2 BRANCHES TO ROYAL SAVINGS BANK

Olsen Palmer is pleased to announce that North Shore Bank, F.S.B. (“North Shore”) has entered into a definitive purchase and assumption agreement whereby North Shore will sell 2 branches to Royal Savings Bank, subsidiary of Royal Financial, Inc. (“Royal”, OTCQX: RYFL).

Olsen Palmer LLC served as exclusive financial advisor to North Shore Bank, F.S.B. in connection with this transaction.

Upon completion of this transaction, Royal Savings will assume approximately $42 million in total deposits in addition to substantially all the fixed assets of both branch locations.

The transaction, which has received approvals from each party’s board of directors but remains subject to regulatory approvals and other customary closing conditions, is expected to close in the first quarter of 2020.

Olsen Palmer remains a Top 5 bank M&A advisory firm according to S&P Global, based on the number of whole-bank sell-side M&A transactions advised upon in 2019 year-to-date.

TRANSACTION ANNOUNCEMENT (PDF)

OLSEN PALMER ADVISED FARMERS & MERCHANTS BANK OF ORFORDVILLE IN ITS SALE TO BANK OF BRODHEAD

Olsen Palmer is pleased to announce that Farmers & Merchants Bank of Orfordville (“Farmers & Merchants Bank”) has been acquired by Brodhead Bancshares, Inc., parent of The Bank of Brodhead.

Olsen Palmer LLC served as exclusive financial advisor to Farmers & Merchants Bank in connection with this transaction.

Brodhead Bancshares, Inc. is now the parent company of both banks as Farmers & Merchants Bank will be merged with and into The Bank of Brodhead at a future date.

Olsen Palmer remains ranked as a Top 5 bank M&A advisory firm according to SNL Financial/S&P Global, based on the number of whole-bank sell-side M&A transactions advised upon in 2019 year-to-date.

DOWNLOAD TRANSACTION PDF

CHRISTOPHER OLSEN TO SPEAK AT TGM GROUP'S 11TH ANNUAL COMMUNITY BANK CONFERENCE

Olsen Palmer’s Managing Partner, Christopher Olsen, has been invited to serve as a featured speaker at TGM Group LLC’s 11th Annual Community Bank Economic, Accounting, Tax and Regulatory Update. The event will be held on Friday, November 1st 2019 at Perdue Hall at Salisbury University in Salisbury, Maryland.

Mr. Olsen will provide an M&A Update & Summary of Strategic Options.

For a copy of Mr. Olsen’s presentation materials or with any questions, please send an inquiry to info@olsenpalmer.com.

Event Flyer (PDF)