Mississippi-based BankFirst Capital Corp., the parent company of BankFirst Financial Services, and Mississippi-based The Magnolia State Corp., recently signed a definitive merger agreement.
Under the terms of the agreement, BankFirst will acquire Magnolia and Magnolia Bank.
“We believe our proposed acquisition of Magnolia State Bank will further strengthen BankFirst as we continue to grow and expand our presence in the South Mississippi market,” Moak Griffin, BankFirst president and CEO, said. “This strategic alliance reinforces our commitment to delivering exceptional customer service and financial solutions that meet the needs of our customers. We are eager to build strong relationships with Magnolia’s employees and customers, and we look forward to the positive impact we believe this merger will bring to the communities we serve.”
Both companies’ board of directors approved the transaction. No BankFirst shareholder votes are required.
The deal is subject to customary closing conditions and bank regulatory authorities as well as the approval of Magnolia shareholders. It is expected to close in the third quarter.
Once complete, the combined bank will have assets totaling approximately $3.2 billion and 52 offices serving Mississippi and Alabama.
BankFirst Financial Services operates four loan production offices in Mississippi and Alabama.
The Magnolia State Corp. is the parent company of Magnolia State Bank.