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 will acquire most of the assets and assume most of the liabilities of First Bank. The transaction will be structured as a purchase and assumption transaction, and the consideration will be all-cash. Other financial terms were not disclosed.

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

The transaction, which has been unanimously approved by the Board of Directors of both institutions but remains subject to customary conditions including the approval of First Bank’s shareholder and the receipt of required regulatory approvals, is expected to close no later than the second quarter of 2023. Following consummation of the 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. Following consummation of the transaction with First Bank, Alabama ONE will have total assets of approximately $1.1 billion and 23 branches across Alabama.

Olsen Palmer LLC remains one of the top 3 bank M&A advisory firms nationwide according to S&P Global, as ranked by the total number of whole-bank M&A transactions advised upon over the last three years.

Transaction Announcement (PDF)

Olsen Palmer Advises Boundary Waters Bank in its Sale to Highland Bank

Boundary Waters Bank announced it has been acquired by Highland Bancshares, Inc., parent holding company of Highland Bank.

Olsen Palmer LLC served as financial advisor to Boundary Waters Bank in connection with this transaction.

Boundary Waters Bank, chartered in 1999, serves the communities of Ely, in northeastern Minnesota, and the Twin Cities metro communities of Blaine and Woodbury.

Founded in 1943, Highland Bank serves the communities of St. Michael, Maple Grove, Minnetonka, Bloomington and St Paul. With the addition of the three branches, Highland will operate eight locations in Minnesota and hold approximately $750 million in assets.

Olsen Palmer remains one of the top 3 bank M&A advisory firms nationwide according to S&P Global, as ranked by the total number of whole-bank M&A transactions the firm has advised upon over the last three years while the firm’s Managing Partner Christopher Olsen is the #1 individual bank M&A advisor nationwide over the same period, according to S&P Global.

Transaction Announcement (PDF)

Olsen Palmer Advises Savanna-Thomson State Bank and Fidelity Bank in their Agreement to Merge

Savanna-Thomson State Bank, a wholly-owned subsidiary of Savanna-Thomson Investment, Inc. (“STI”) and Fidelity Bank, a wholly-owned subsidiary of Maximum Bancshares, Inc. (“Maximum”) today announced an agreement has been signed where the two banks will combine as equals whereby Fidelity Bank will be acquired under Savanna-Thomson State Bank’s charter.

Olsen Palmer LLC served as financial advisor to both Savanna-Thomson Investment Inc. and Maximum Bancshares, Inc.

The transaction, which is expected to close in the first quarter of 2023, remains subject to customary approval by applicable regulatory authorities as well as the satisfaction of other customary closing conditions provided in the merger agreement.

The agreement was unanimously approved by the boards of directors of both companies. Maximum will merge with and into STI with STI as the surviving entity. The two bank subsidiaries will continue to run independently with plans to merge at a later date.

Olsen Palmer LLC remains one of the top 3 bank M&A advisory firms nationwide according to S&P Global, as ranked by the total number of whole-bank M&A transactions advised upon over the last three years.

Transaction Announcement (PDF)

Olsen Palmer Advises Catlin Bank in its Agreement to be Acquired by The Fisher National Bank

Butler Point, Inc., the holding company of Catlin Bank (together “Catlin”), and Fisher Bancorp Inc. (“Fisher”), parent of The Fisher National Bank, jointly announced that they have entered into an agreement and plan of merger whereby Fisher will acquire Catlin, subject to customary regulatory and other approvals.

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

Upon consummation of the proposed transaction, on a pro forma basis, Fisher will have five full-service banking branches and total assets of approximately $293 million, based on data as of June 30, 2022. The acquisition is expected to be completed in the first quarter of 2023. Jeff Fauver, current President of Catlin Bank, will be the Catlin Community President along with being on the Board of Directors for Fisher National Bank.

Olsen Palmer LLC served as financial advisor to Catlin Bank while Godfrey Kahn, S.C. served as legal advisor. Brown, Hay & Stephens, LLP served as the legal advisor to Fisher Bancorp, Inc.

Olsen Palmer LLC remains one of the top 3 bank M&A advisory firms nationwide according to S&P Global based on the total number of bank M&A transactions advised upon over the past three years. This is the 44th announced or completed bank M&A transaction Olsen Palmer has advised upon over the past 2 years.

Transaction Announcement (PDF)

Olsen Palmer Advises Freedom Bank in its Sale to Landmark National Bank

Freedom Bancshares, Inc. (“Freedom”), the holding company of Freedom Bank, announced that it has been acquired by Landmark Bancorp, Inc. (“Landmark”), the holding company of Landmark National Bank, for cash consideration of $33.350 million.

Olsen Palmer LLC served as financial advisor to Freedom Bancshares, Inc. in connection with this transaction.

Freedom was founded in 2006 and operated out of a single location in Overland Park, Kansas. As a result of the merger, which was completed prior to the opening of business on October 1, 2022, Landmark now has total assets of approximately $1.5 billion and total deposits of approximately $1.3 billion with 31 branches. The combined company is operating under the name “Landmark Bancorp, Inc.” and will continue to list its common stock on the Nasdaq Global Select Market and trade under the symbol LARK.

Olsen Palmer remains one of the top 3 bank M&A advisory firms nationwide according to S&P Global, as ranked by the total number of whole-bank M&A transactions advised upon over the last three years.

Transaction Announcement (PDF)