Liberty Financial Services, Inc. | Stephens

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Financial Advisor and Fairness Opinion

Liberty Financial Services, Inc.

Value Not Disclosed 04/21/2022 Depository Pending
Lead Bankers: Adam Cunningham, Alex Jasiek
Private Companies
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Transaction Details

  • On April 21, 2022, 215 Holding Co. (“215”), the parent company of First Farmers & Merchants Bank (“FFMB”), and Liberty Financial Services, Inc. (“Liberty”), the parent company of Liberty National Bank, signed a definitive agreement providing for the merger of Liberty with and into 215.
  • On a pro forma basis, based on December 31, 2021 results, the combined company will have total assets of approximately $1.5 billion with $1.0 billion in loans and $1.3 billion in deposits, with full-service banking locations in Central, Southern and Southwestern Minnesota, Northwestern and Southwestern Iowa and Southeastern South Dakota.
  • The transaction is expected to close mid-year 2022.
  • Subsequent to the merger, Liberty National Bank will become a wholly owned subsidiary of 215 and 215 will continue to operate each of Liberty National Bank and FFMB under separate, stand-alone charters.
Sources: Company Documents, S&P Global Market Intelligence and publicly available information.
  1. (1) 215 Holding Co. financials based on BHC-regulatory data and Liberty Financial Services, Inc. financials based on bank-level regulatory data as of 12/31/2021.

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