BankFirst Capital, the parent company of BankFirst Financial Services, has agreed to acquire Magnolia State, the holding company of Magnolia State Bank.
The financial terms of the deal were not disclosed.
Based in Columbus, Mississippi, BankFirst Capital is a registered bank holding company with total assets of approximately $2.8bn as of 31 December 2024. Its subsidiary, BankFirst Financial Services, has operated as a locally owned and managed institution since its founding in 1888.
Magnolia State Bank, established in 1975, serves communities across Bay Springs and Jasper County, Mississippi. As of 31 December 2024, the bank reported total assets of approximately $456m and operates branches in Heidelberg, Hattiesburg, Taylorsville, Laurel, and Petal, Mississippi.
Magnolia State and Magnolia Bank CEO Kris Mangum said: “This partnership presents an exciting opportunity for our shareholders, customers, employees, and communities. BankFirst shares our core values, rooted in community banking, making this a seamless transition.
“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.”
Following the completion of the merger, BankFirst Financial Services will expand its footprint to 52 branches across Mississippi and Alabama, with total assets projected to reach approximately $3.2bn.
After the merger, Mangum will continue with BankFirst Financial Services in the role of South Mississippi regional president.
BankFirst Capital president and CEO Moak Griffin said: “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.
“This strategic alliance reinforces our commitment to delivering exceptional customer service and financial solutions that meet the needs of our customers.”
The transaction, approved unanimously by the boards of directors of both companies, is expected to be finalised in Q3 2025, subject to regulatory and shareholder approvals. No vote from BankFirst Capital shareholders is required.
Financial advisory firm Southard Financial provided a fairness opinion to BankFirst Capital’s board of directors, while Hunton Andrews Kurth is serving as its legal counsel. Magnolia State was advised by Olsen Palmer, with Jones Walker acting as its legal counsel.
