Mississippi-based BankFirst is expanding with an agreement being reached to acquire Magnolia State Bank.
BankFirst, headquartered in Macon with locations in both Mississippi and Alabama, announced Friday the signing of a definitive merge agreement with Bay Springs-based Magnolia State Bank. The transaction was unanimously approved by the board of directors of each company and is expected to close later this year.
Moak Griffin, president and CEO at BankFirst, said in a press release that the goal of the acquisition is to expand further into south Mississippi and along the Gulf Coast. BankFirst operates most of its operations in the central and northern parts of the state and the Tuscaloosa, Ala., area.
“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,” Griffin 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.”
After the merger with Magnolia State Bank, BankFirst is expected to have 52 branches and loan production offices in Mississippi and Alabama. Total assets are expected to land at $3.2 billion.
Kris Mangum, the CEO of Magnolia State Bank who will remain on staff as a regional president after the merger, said it will be a “seamless transition” for customers, shareholders, and employees alike.
“BankFirst shares our core values, rooted in community banking, making this a seamless transition,” Mangum said. “Through this proposed merger, we will expand the financial products and services available to our customers while maintaining our dedicated team and the relationships we’ve built over the years. BankFirst’s commitment to our local bankers ensures that our customers will continue to work with the familiar faces they trust. I am eager to see the momentum this partnership creates and the positive impact it will have on our communities.”
