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 has acquired most of the assets and assumed most of the liabilities of First Bank. The transaction was structured as a purchase and assumption transaction, and the consideration was all-cash. Other financial terms were not disclosed.

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

With this 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. With this transaction with First Bank, Alabama ONE has total assets of approximately $1.2 billion and 25 branches across Alabama.

Olsen Palmer is the #1 sell-side bank M&A advisor nationwide - and one of the top 3 bank M&A advisors overall - according to S&P Global, based on the number of transactions advised upon in 2023 year-to-date.

Transaction Announcement (PDF)

Olsen Palmer Sponsors the TBA Community Banking Conference and Bank Directors Retreat

Olsen Palmer is pleased to be a continued sponsor of the Tennessee Bankers Association Community Banking Conference and Bank Directors Retreat. The events, which took place October 25-27 in Nashville, TN is a premier opportunity networking and education event for Tennessee Bank Executives.

More information about the Tennessee Bankers Association can be found at https://tnbankers.org/.

Olsen Palmer Advises Oxford University Bank in its agreement to be acquired by Guaranty Bank & Trust Company

Lafayette Bancorp, Inc. (“Lafayette”), the holding company of Oxford University Bank, and Guaranty Capital Corporation (“Guaranty”), the holding company of Guaranty Bank & Trust Company (“Guaranty Bank”), announced the signing of a definitive merger agreement pursuant to which Guaranty will acquire Lafayette.

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

The transaction has been approved by the board of directors of each company, is expected to close in the first quarter of 2024, and is subject to customary regulatory and shareholder approvals. Upon completion, Oxford University Bank will become a wholly owned subsidiary of Guaranty. Guaranty expects to merge Oxford University Bank with and into Guaranty Bank, with Guaranty Bank surviving, in the second or third quarter of 2024, subject to regulatory approval.

Founded in 2000, Lafayette has total assets exceeding $245 million, three locations across 2 counties, and holds a top 5 ranked share of the Oxford market as of June 30, 2023. Post-acquisition, the combined companies will have approximately $2.6 billion in assets with 39 branches, including the impact of a separate, unrelated transaction.

Olsen Palmer is the #1 sell-side bank M&A advisor nationwide - and one of the top 2 bank M&A advisors overall - according to S&P Global, based on the number of transactions advised upon in 2023 year-to-date.

Transaction Announcement (PDF)

Olsen Palmer Sponsors the MBA and TBA CEO/Executive Management Conference

Olsen Palmer is pleased to be a continued sponsor of the Mississippi and Tennessee Bankers Associations’ CEO/Executive Management Conference. The event, which took place October 1-3 in Banff, Alberta, is the premier opportunity networking and education event for Tennessee and Misssippi Bank Executives.

More information about the Tennessee Bankers Association can be found at https://tnbankers.org/ and the Mississippi Bankers Association can be found at https://msbankers.com/.

Olsen Palmer Advises Denver Bankshares, Inc. in its agreement to be acquired by MidWestOne Financial Group, Inc.

MidWestOne Financial Group, Inc. (Nasdaq: MOFG) today announced that it has executed a definitive merger agreement to acquire Denver Bankshares, Inc., the parent company for the Bank of Denver. This transaction is an all cash deal that has been approved by the respective board of directors, and is expected to close in the first quarter of 2024. MidWestOne Financial Group, Inc. will pay $32.6 million in cash consideration to acquire Denver Bankshares, Inc.

Olsen Palmer LLC served as financial advisor to Denver Bankshares, Inc.

The Bank of Denver had $271.5 million in assets, $198.0 million in loans and $242.0 million in deposits as of June 30, 2023. Denver Bankshares, Inc.’s Chief Executive Officer, Lori Radcliffe, will become part of MidWestOne Financial Group Inc.’s market leadership team.

Olsen Palmer is one of the top 2 bank M&A advisors – and the #1 sell-side bank M&A advisor – nationwide according to S&P Global based on the number of transactions advised upon in 2023.

Transaction Announcement (PDF)