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BankFirst Capital Corporation, parent of BankFirst Financial Services (the “Bank”), today announced the signing of a definitive merger agreement with Mechanics Banc Holding Company (“Mechanics”), the parent company of Mechanics Bank, Water Valley, Mississippi (“Mechanics Bank”), under which BankFirst will acquire Mechanics and Mechanics Bank for all-cash consideration. The transaction has been approved by the board of directors of each company, is expected to close in the first quarter of 2023, and is subject to customary closing conditions, including approval from the shareholders of Mechanics and bank regulatory authorities.
In making the announcement, BankFirst’s President and Chief Executive Officer, Moak Griffin, said, “We are excited about the proposed acquisition of Mechanics Bank and expanding our footprint in the Water Valley and Oxford markets. 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 build upon and further strengthen our shared beliefs, community focus and commitment to service excellence and relationship banking. We look forward to meeting and working with all of Mechanics’ employees and customers.”
After the merger with Mechanics and Mechanics Bank is completed, and assuming the 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 in excess of $2.7 billion.
Cameron Tyler, Chief Executive Officer and Chairman of Mechanics and Mechanics Bank, commented, “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 we are able to offer our customers 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 still do business with the people they have grown to trust. I am excited for the momentum this partnership will produce and the positive impact it will have within our communities.” Following the merger, Mr. Tyler will remain with the Bank, serving as the Bank’s Oxford Mississippi Regional President.
BankFirst was advised by Southard Financial, LLC as financial advisor and Hunton Andrews Kurth LLP is serving as its legal counsel. Mechanics was advised by Olsen Palmer LLC as financial advisor and Jones Walker LLP as legal counsel.
BankFirst Capital Corporation is a registered bank holding company based in Columbus, Mississippi with approximately $2.2 billion in total assets 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 branch offices 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, Northport, and Tuscaloosa, Alabama. The Bank also operates five loan production 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, no-fee ATM access, checking, CD, and money market accounts, merchant services, mortgage loans, remote deposit capture, and more. For more information, visit www.bankfirstfs.com.
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 approximately $330.8 million in total assets as of June 30, 2022, Mechanics Bank is headquartered in Water Valley, Mississippi, with additional branch offices in Oxford, Mississippi. Mechanics Bank offers a wide variety of consumer and business products including internet banking, checking, savings, ATM/debit cards, personal loans, mortgage loans, commercial equipment loans, commercial real estate loans and more. For more information, visit www.mechanicsbankms.com.
