BankFirst Capital Corporation Expands Through Strategic Acquisition
BankFirst Capital Corporation Acquires Magnolia State Corporation
BankFirst Capital Corporation (OTCQX: BFCC), the parent company of BankFirst Financial Services, has successfully completed the acquisition of The Magnolia State Corporation and its banking subsidiary, Magnolia State Bank. This strategic move marks a significant milestone for BankFirst as it increases its footprint in the banking industry.
Enhancing Banking Services
This acquisition enables BankFirst to expand its network to 52 offices, enhancing its service availability in the regions it operates. With this move, the company aims to improve banking accessibility for customers in new and existing markets.
Financial Strength Meets Growth
Post-acquisition, BankFirst can boast considerable total assets amounting to approximately $3.2 billion. Additionally, the bank has a robust loan portfolio with gross loans of around $2.2 billion and total deposits nearing $2.8 billion. This financial strength supports the bank’s ongoing commitment to offering diverse financial services to its customers.
Leadership and Management Changes
With the integration of Magnolia State Bank, several key executives from Magnolia have joined the BankFirst team. Among them, Kristofer T. Mangum takes on the role of South Mississippi Regional President, while John Curtis Jones and Joel S. Thoms will serve as Regional Credit Officer and Petal Community Bank President, respectively. Nathan D. Shows will also play an essential role as Hattiesburg Community Bank President, ensuring experienced leadership during this transition.
Valuable Insights and Advisory Support
To facilitate this acquisition, the BankFirst board received a fairness opinion from Southard Financial, LLC, while Hunton Andrews Kurth LLP acted as the company's legal counsel. Magnolia was assisted by Olsen Palmer LLC for financial guidance and Jones Walker LLP for legal advice, ensuring a smooth transaction for both entities.
About BankFirst Financial Services
Established in 1888, BankFirst Financial Services has grown to become a well-respected bank holding company. It maintains approximately $2.9 billion in total assets, illustrating its stability in the financial market. The company is known for its locally owned and operated approach, providing a range of banking solutions including internet banking, various types of accounts, and consumer loans.
Future Outlook for BankFirst
Moving forward, BankFirst aims to leverage its expanded capabilities to better serve its communities. The addition of Magnolia State Bank enhances its product offerings and allows for improved access to financial services for a broader customer base. The bank remains committed to its growth strategy, promising innovation and enhanced service delivery for its clients.
Frequently Asked Questions
What did BankFirst Capital Corporation acquire?
BankFirst Capital Corporation acquired The Magnolia State Corporation and its subsidiary, Magnolia State Bank.
How many offices does BankFirst have after the acquisition?
After the acquisition, BankFirst now operates 52 offices.
What is the total asset value of BankFirst following the acquisition?
BankFirst's total assets amount to approximately $3.2 billion after the acquisition.
Who are the new executives joining BankFirst?
New executives include Kristofer T. Mangum, John Curtis Jones, Joel S. Thoms, and Nathan D. Shows.
What services does BankFirst offer?
BankFirst offers various services, including internet banking, loan products, and multiple account types.
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