BankFirst Capital Corporation Announces Merger Agreement with Magnolia State Corporation
Columbus, Mississippi, March 21, 2025 – BankFirst Capital Corporation (BFCC), the parent company of BankFirst Financial Services, is pleased to announce that it has signed a definitive merger agreement with The Magnolia State Corporation, the parent company of Magnolia State Bank based in Bay Springs, Mississippi. This strategic merger is expected to strengthen BankFirst’s presence in the Mississippi market and expand its footprint in the region.
Key Terms of the Merger
Under the terms of the merger agreement, BankFirst will acquire Magnolia and Magnolia Bank. The transaction is valued at approximately $50 million, based on the closing price of BankFirst’s common stock on March 20, 2025. The merger is subject to customary closing conditions, including regulatory approvals and approval by the shareholders of both companies.
Impact on BankFirst
This merger is expected to provide several benefits for BankFirst. It will enhance BankFirst’s presence in the Mississippi market, where Magnolia Bank has a strong presence with four branches in the region. The acquisition is also expected to contribute to BankFirst’s growth by adding approximately $250 million in assets, $200 million in loans, and $200 million in deposits.
Impact on Customers
The merger is expected to bring several benefits to customers of both banks. BankFirst and Magnolia Bank share a similar mission to provide personalized service and innovative financial solutions to their customers. The combined entity is expected to offer a broader range of products and services, including digital banking, wealth management, and commercial lending.
Impact on the World
The merger between BankFirst and Magnolia State Bank is a reflection of the ongoing consolidation trend in the banking industry. The merger is expected to create a more competitive player in the Mississippi market, which could lead to increased innovation and better services for customers. The transaction may also create opportunities for synergies and cost savings, which could benefit shareholders of both companies.
Conclusion
BankFirst Capital Corporation’s acquisition of Magnolia State Bank is a strategic move that is expected to strengthen BankFirst’s position in the Mississippi market and contribute to its growth. The merger is expected to bring several benefits to customers, including a broader range of products and services. The transaction is also a reflection of the ongoing consolidation trend in the banking industry and could lead to increased competition and innovation in the market. The merger is subject to regulatory approvals and approval by the shareholders of both companies and is expected to close in the second half of 2025.
- BankFirst Capital Corporation (BFCC) announces merger agreement with Magnolia State Corporation
- BankFirst to acquire Magnolia State Bank based in Bay Springs, Mississippi
- Transaction valued at approximately $50 million
- Merger expected to enhance BankFirst’s presence in Mississippi market
- Combined entity to offer a broader range of products and services
- Transaction expected to create opportunities for synergies and cost savings
- Merger subject to regulatory approvals and approval by shareholders of both companies
- Closing expected in the second half of 2025
