BankFirst Capital Corporation Completes a Strategic Acquisition of Magnolia State Corporation and Bank
On July 1, 2025, BankFirst Capital Corporation, listed on the OTCQX under the symbol BFCC, announced the successful completion of its acquisition of The Magnolia State Corporation, based in Mississippi, and its banking subsidiary, Magnolia State Bank, located in Bay Springs, Mississippi. This strategic move enhances BankFirst's presence in the Mississippi and Alabama markets, increasing its total office locations to 52 and boosting its assets to approximately $3.2 billion.
The acquisition marks a significant milestone for BankFirst, as it now boasts a robust portfolio comprising approximately $2.2 billion in gross loans and $2.8 billion in total deposits. This expansion is expected to provide substantial growth opportunities and fortify the bank's operational capabilities, allowing it to serve a broader clientele across the two states.
As part of this transition, several key executives from Magnolia have joined BankFirst to lead regional efforts. Kristofer T. Mangum, the former CEO of Magnolia Bank, steps in as the South Mississippi Regional President, bringing with him invaluable experience and leadership. Other executives, including John Curtis Jones, who served as the Chief Credit Officer at Magnolia Bank, and Joel S. Thoms, previously the Petal President, will also take on strategic roles within BankFirst, ensuring smooth management and continuity during this merger process.
The acquisition was facilitated with the guidance of Southard Financial, LLC, which provided a fairness opinion to BankFirst's Board of Directors. Legal processes were managed by Hunton Andrews Kurth LLP for BankFirst and Olsen Palmer LLC for Magnolia State, alongside Jones Walker LLP serving as the legal advisor to Magnolia.
Established in 1888, BankFirst Financial Services has a rich history of serving communities with a wide range of banking products. The bank enhances its offerings through a variety of services, including internet banking, no-fee ATM access, various types of accounts, and merchant services. With this acquisition, BankFirst is positioned not only to retain existing customers but also to attract new clientele by enhancing its portfolio of services and its regional presence.
This move aligns with BankFirst's long-term strategy to expand and strengthen its operations in the Southeast region of the United States, reflecting its commitment to community banking and customer service excellence. Looking forward, BankFirst is poised to leverage this acquisition to not only grow its business but also strengthen its community ties and customer relationships.
As the integration of Magnolia into the BankFirst structure progresses, stakeholders can look forward to enhanced service offerings and improved operational efficiencies, which are anticipated to come from the combined resources and innovative practices of the two institutions. The overall aim is to create a robust financial institution capable of meeting the diverse needs of customers across Mississippi and Alabama.
For those interested in tracking BankFirst’s developments or learning more about their services, regular updates are available on their official website, where they also publish important investor information and press releases, that highlight their progress in integrating Magnolia State into their operations. BankFirst remains committed to transparency and firm engagement with its investors and customers in the wake of this significant step towards growth.
The acquisition marks a significant milestone for BankFirst, as it now boasts a robust portfolio comprising approximately $2.2 billion in gross loans and $2.8 billion in total deposits. This expansion is expected to provide substantial growth opportunities and fortify the bank's operational capabilities, allowing it to serve a broader clientele across the two states.
As part of this transition, several key executives from Magnolia have joined BankFirst to lead regional efforts. Kristofer T. Mangum, the former CEO of Magnolia Bank, steps in as the South Mississippi Regional President, bringing with him invaluable experience and leadership. Other executives, including John Curtis Jones, who served as the Chief Credit Officer at Magnolia Bank, and Joel S. Thoms, previously the Petal President, will also take on strategic roles within BankFirst, ensuring smooth management and continuity during this merger process.
The acquisition was facilitated with the guidance of Southard Financial, LLC, which provided a fairness opinion to BankFirst's Board of Directors. Legal processes were managed by Hunton Andrews Kurth LLP for BankFirst and Olsen Palmer LLC for Magnolia State, alongside Jones Walker LLP serving as the legal advisor to Magnolia.
Established in 1888, BankFirst Financial Services has a rich history of serving communities with a wide range of banking products. The bank enhances its offerings through a variety of services, including internet banking, no-fee ATM access, various types of accounts, and merchant services. With this acquisition, BankFirst is positioned not only to retain existing customers but also to attract new clientele by enhancing its portfolio of services and its regional presence.
This move aligns with BankFirst's long-term strategy to expand and strengthen its operations in the Southeast region of the United States, reflecting its commitment to community banking and customer service excellence. Looking forward, BankFirst is poised to leverage this acquisition to not only grow its business but also strengthen its community ties and customer relationships.
As the integration of Magnolia into the BankFirst structure progresses, stakeholders can look forward to enhanced service offerings and improved operational efficiencies, which are anticipated to come from the combined resources and innovative practices of the two institutions. The overall aim is to create a robust financial institution capable of meeting the diverse needs of customers across Mississippi and Alabama.
For those interested in tracking BankFirst’s developments or learning more about their services, regular updates are available on their official website, where they also publish important investor information and press releases, that highlight their progress in integrating Magnolia State into their operations. BankFirst remains committed to transparency and firm engagement with its investors and customers in the wake of this significant step towards growth.
Topics Financial Services & Investing）
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