BankFirst Capital Corporation Signs Significant ECIP Securities Agreement with U.S. Treasury

BankFirst Capital Corporation, operating under the OTCQX symbol BFCC, has made a strategic move in the financial sector by entering into an ECIP (Emergency Capital Investment Program) Securities Purchase Option Agreement with the U.S. Department of the Treasury. This development was publicly announced on January 22, 2025, and is significant for the institution based in Columbus, Mississippi.

The essence of this agreement lies in Treasury's ownership of 218,585 shares of the company's Senior Non-Cumulative Preferred Stock, Series ECIP. This stock arrangement includes 175,000 shares issued during Treasury's ECIP initiative on April 26, 2022, and an additional 43,585 shares from a later issuance on September 19, 2023. The latter occurred following BankFirst's acquisition of Mechanics Banc Holding Company, a fellow participant in the ECIP, completed on January 1, 2023.

The ECIP was established through the Consolidated Appropriations Act of 2021 and aims to bolster Community Development Financial Institutions (CDFIs) and minority depository institutions. This initiative is particularly focused on enhancing service capabilities for small and minority-owned businesses, as well as consumers in economically disadvantaged communities.

Details of the Agreement

Under the terms of the newly signed Option Agreement, the U.S. Treasury has granted BankFirst the opportunity to purchase the Senior Preferred Stock during a set five-year