Olsen Palmer Advises First Citizens in Sale to Park National for $324MM in Stock

First Citizens Bancshares, Inc. (OTCEM: FIZN, $2.7 billion in assets, “First Citizens”) has been acquired by Park National Corporation (NYSE: PRK, $9.8 billion in assets, “Park”).

Olsen Palmer LLC initiated the transaction, served as exclusive financial advisor to First Citizens Bancshares, Inc., and issued a fairness opinion to its Board of Directors.

The aggregate value of the all-stock transaction was approximately $324.1 million, based on the fixed exchange ratio of 0.52 and Park’s most recent closing price. With the completion of the combination, First Citizens shareholders comprise approximately 11% of the outstanding shares of the combined company.

The aggregate consideration valued First Citizens at a price-to-tangible book multiple of 1.85x and a price-to-earnings (LTM) multiple of 15.1x. 

First Citizens CEO Jeff Agee has joined Park’s Board of Directors. Additionally, Park is maintaining First Citizens’ two local community advisory boards.

This is Park’s largest ever bank acquisition and its first in 7 years. With the transaction, Park enters a new state banking market and crosses over the $10 billion asset threshold.

Finally, we are pleased to report that Olsen Palmer is the #1 ranked sell-side bank M&A advisor nationwide – and top 3 overall – based on transaction count in 2025, while the firm’s Managing Partner Christopher Olsen is the #1 individual bank M&A advisor nationwide by deal count in 2025, the 7th consecutive year he has led the industry, according to S&P Global.

Transaction Announcement (PDF)

Wrightsville Bancshares, Inc. Has Been Acquired by Century Bancorp, Inc.

Wrightsville Bancshares, Inc. (“Wrightsville”) and its wholly-owned subsidiary, Bank of Wrightsville, announced that they have been acquired by Century Bancorp, Inc. (“Century”) and its wholly-owned subsidiary, Century Bank & Trust.

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

The transaction received the approval of the shareholders of Wrightsville and bank regulatory authorities. With the transaction finalized, Century has and 4 branches throughout Georgia.

Olsen Palmer is the #1 ranked sell-side bank M&A advisor nationwide – and top 3 overall – based on the number of transactions advised upon in 2025, according to S&P Global.

Transaction Announcement (PDF)

High Plains Bank Has Agreed to Acquire First National Bank of Hugo

High Plains Banking Group, Inc., parent of High Plains Bank, announced the signing of a definitive agreement whereby High Plains Banking Group will acquire 100% of the shares of The First National Bank of Hugo. High Plains Bank and The First National Bank of Hugo will merge into one bank operating as High Plains Bank.

Olsen Palmer LLC served as financial advisor to High Plains Banking Group, Inc.

The Federal Reserve and Colorado Division of Banking must formally approve the acquisition and merger and the parties anticipate securing all necessary approvals to close the transaction in the first quarter or early second quarter of 2026.

Olsen Palmer is the #1 ranked sell-side bank M&A advisor nationwide – and top 3 overall – based on the number of transactions advised upon in 2025, according to S&P Global.

Transaction Announcement (PDF)

Signature Bank Has Been Acquired by First Community Bank

Signature Bank of Georgia (OTCPK: SGBG) (“Signature Bank”) and First Community Corporation   (NASDAQ: FCCO) (“First Community”), parent company of First Community Bank, today announced the closing of the transaction whereby Signature Bank was acquired by First Community in an all-stock deal valued at approximately $50.5 million. Signature Bank shareholders will receive 0.6410 shares of First Community’s common stock in exchange for each share of Signature Bank common stock. Following the completion of the transaction, Signature Bank was merged with and into First Community Bank.

Olsen Palmer LLC served as financial advisor to Signature Bank of Georgia and issued a fairness opinion to its Board of Directors.

With the addition of Signature Bank, the First Community has more than $2.3 billion in assets, $2.1 billion in deposits, and $1.5 billion in loans.  The transaction creates a banking office network of 23 full-service offices and a loan production office across two states.

In connection with the transaction, two Signature Bank directors have been appointed to the boards of directors of First Community and First Community Bank.

Olsen Palmer is the #1 ranked sell-side bank M&A advisor nationwide – and top 3 overall – based on the number of transactions advised upon in 2025, according to S&P Global.

Transaction Announcement (PDF)

Managing Partner Christopher Olsen Discusses the Surge in Bank M&A with The Bank Slate

Read the full discussion here.