Mississippi banks announce merger agreement
Posted at 10:00 a.m. on Monday, September 5, 2022
BankFirst Capital Corporation, parent company of BankFirst Financial Services, announced the signing of a definitive merger agreement with Mechanics Bank Holding Company, the parent company of Mechanics Bank, Water Valley, Mississippi, under which BankFirst will acquire Mechanics and Mechanics Bank.
The transaction has been approved by each company’s board of directors, is expected to close in the first quarter of 2023 and is subject to customary closing conditions, including Mechanics shareholder and banking regulatory approvals.
In making the announcement, BankFirst President and CEO Moak Griffin said, “We are excited about the proposed acquisition of Mechanics Bank and the expansion of our footprint in the Water Valley and Oxford. Being a strong local community bank for the communities we serve is extremely important to us and the combined company will collectively have over 264 years of community banking experience in the state of Mississippi. This merger will allow us to develop and strengthen our shared beliefs, our community focus and our commitment to service excellence and relationship banking. We look forward to meeting and working with all Mechanics employees and customers. »
After completion of the merger with Mechanics and Mechanics Bank, and assuming completion of the previously announced merger with Tate Financial Corporation and Sycamore Bank, the Bank is expected to have 47 offices serving Mississippi and Alabama, and have assets over $2.7 billion. .
Cameron Tyler, Chief Executive Officer and President of Mechanics and Mechanics Bank, said, “This is a great opportunity for our shareholders, customers, employees and communities. We look forward to joining the BankFirst team as they share our core values centered on community banking. This merger will expand the portfolio of financial products and services that we are able to offer our clients while preserving our team and the relationships built over many years. BankFirst’s commitment to our local team of bankers will ensure that our customers will always do business with the people they have come to trust. I am thrilled with the momentum this partnership will generate and the positive impact it will have within our communities.
After the merger, Mr. Tyler will remain with the Bank as Regional President of Oxford Mississippi.
Mechanics Bank, the subsidiary bank of Mechanics Banc Holding Company, was founded in 1892 to provide quality financial products and services to customers in Yalobusha and Lafayette Counties, Mississippi who value relationship banking.
A financial institution with total assets of approximately $330.8 million as of June 30, 2022, Mechanics Bank is headquartered in Water Valley, Mississippi, with additional branches in Oxford, Mississippi.
Mechanics Bank offers a wide variety of products for individuals and businesses including internet banking, checking, savings, debit/ATM cards, personal loans, mortgages, business loans commercial equipment, commercial real estate loans and more.
BankFirst Capital Corporation is a registered bank holding company based in Columbus, Mississippi, with total assets of approximately $2.2 billion as of June 30, 2022.
BankFirst Financial Services, the company’s wholly-owned banking subsidiary, was founded in 1888 and is locally owned, controlled and operated.
The company is headquartered in Columbus, Mississippi, and the Bank operates additional branches in Columbus, Flowood, Hattiesburg, Jackson, Louin, Macon, Madison, Newton, Starkville, and West Point, Mississippi; and Addison, Aliceville, Arley, Bear Creek, Carrollton, Curry, Double Springs, Fayette, Gordo, Haleyville, Lynn, Northport and Tuscaloosa, Alabama.
The bank also operates five loan origination offices in Birmingham, Alabama, as well as Biloxi, Brookhaven, Oxford and Tupelo Mississippi.
BankFirst offers a wide variety of services for businesses and consumers. The bank also offers internet banking, toll-free access to ATMs, checking accounts, CD and money market accounts, merchant services, mortgages, remote deposit capture, and more.