Olsen Palmer is pleased to sponsor the Alabama Bankers Association 2023 DC Fly-In. The event, which took place September 18-20 in Washington, DC, is the premier opportunity for ABA members to have face-to-face conversations with key federal staffers.
More information about the Alabama Bankers Association can be found at https://alabama.bank.
Mississippi River Bank has entered into a definitive agreement to be acquired by Merchants & Marine Bancorp, Inc. (“MNMB”, OTCQX: MNMB).
Olsen Palmer LLC served as financial advisor to Mississippi River Bank in connection with the proposed transaction.
Upon completion of the proposed transaction, Mississippi River Bank will continue to operate under its existing branding as a division of MNMB’s wholly-owned bank subsidiary, Merchants & Marine Bank. Current Mississippi River Bank Chief Executive Officer and its President / Chief Operations Officer will both continue to lead the Mississippi River Bank division in their existing roles.
The transaction, which is subject to customary closing conditions including the approval of Mississippi River Bank’s shareholders and the receipt of all necessary regulatory approvals, is expected to be completed during the first quarter of 2024.
Olsen Palmer is pleased to, again, attend the Bank Director’s 2023 Bank Board Training Forum as a speaker and sponsor. The event, which took place September 11-12, 2023 in Nashville, Tennessee is a premier networking and education event catered to bank directors.
More information about the Bank Director can be found at https://www.bankdirector.com/.
Algonquin State Bank and its parent holding company, First Algonquin Company, has entered into a definitive purchase and assumption agreement with Michigan State University Federal Credit Union (MSUFCU). Pursuant to the definitive agreement, MSUFCU will purchase substantially all assets and assume substantially all liabilities of Algonquin State Bank.
Olsen Palmer LLC served as financial advisor to First Algonquin Co.
The transaction has been unanimously approved by the boards of directors of both institutions. When the transaction is finalized, the combined institution will have approximately $8.3 billion in assets, $6.3 billion in loans, $6.8 billion in shares and deposits and will have 35 branches.
OneSouth Bank, the banking subsidiary of OneSouth Financial, Inc. announced that it has entered into an agreement to be acquired by Five Star Credit Union. The deal will be structured as a purchase and assumption transaction and the consideration will be all-cash.
Olsen Palmer LLC served as financial advisor to OneSouth Financial, Inc.
The transaction, which has been unanimously approved by the Board of Directors of both institutions but remains subject to customary closing conditions including the approval of OneSouth Financial, Inc.’s shareholders and the receipt of all necessary regulatory approvals, is expected to be completed by the second quarter of 2024.
Upon consummation, Five Star will have total assets of approximately $950 million and will expand its footprint to 23 full-service banking locations.
