BankFirst Capital Corporation Completes Acquisition of Mechanics Banc Holding Company and Mechanics Bank

Rhea-AI Summary

BankFirst Capital Corporation (OTCQX: BFCC) has successfully completed its acquisition of Mechanics Banc Holding Company and its subsidiary, Mechanics Bank, effective January 1, 2023. With this acquisition, BankFirst expands its operations to 47 locations across Mississippi and Alabama, increasing its total assets to approximately $2.7 billion, gross loans to about $1.7 billion, and total deposits to roughly $2.4 billion. Key executives from Mechanics join BankFirst, enhancing its regional leadership.

Positive

• Acquisition expands BankFirst's footprint to 47 locations in Mississippi and Alabama.
• Increases total assets to approximately $2.7 billion.
• Enhances gross loans to about $1.7 billion and total deposits to approximately $2.4 billion.
• Key executives from Mechanics join BankFirst, strengthening leadership.

Negative

• None.

COLUMBUS, Miss., Jan. 3, 2023 /PRNewswire/ -- BankFirst Capital Corporation (OTCQX: BFCC) ("BankFirst" or the "Company"), parent of BankFirst Financial Services (the "Bank"), today announced the completion of its previously-announced acquisition of Mechanics Banc Holding Company, a Mississippi corporation ("Mechanics"), and its wholly-owned banking subsidiary, Mechanics Bank, Water Valley, Mississippi ("Mechanics Bank"). The acquisition was effective on January 1, 2023 and results in BankFirst having 47 offices serving Mississippi and Alabama, with total assets of approximately $2.7 billion, gross loans of approximately $1.7 billion, and total deposits of approximately $2.4 billion. 

Cameron Tyler, Mechanics Bank's Chairman and Chief Executive Officer, has joined the Bank as Oxford Regional Executive, and each of Charlie Edwards, Mechanics Bank's Vice President and Lender, and Tyler Hill, Mechanics Bank's Vice President and Chief Credit Officer, have joined the Bank as Senior Vice President, Commercial Lender.

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.  

About BankFirst Financial Services

BankFirst Capital Corporation (OTCQX: BFCC) is a registered bank holding company based in Columbus, Mississippi with approximately $2.2 billion in total assets as of September 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 Coldwater, Columbus, Flowood, Hattiesburg, Hernando, Independence, Jackson, Louin, Macon, Madison, Newton, Oxford, Senatobia, Southaven, Starkville, Tupelo, Water Valley, 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 Biloxi, Brookhaven, and Oxford, Mississippi, and Birmingham, Alabama. 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.

Available Information

The Company maintains an Internet web site at www.bankfirstfs.com/about-us/investors.html. The Company makes available, free of charge, on its web site the Company's annual meeting materials, annual reports, and quarterly earnings reports. In addition, the OTC Markets Group maintains an Internet site that contains reports, proxy and information statements, and other information regarding the Company (at www.otcmarkets.com/stock/BFCC/overview).

The Company routinely posts important information for investors on its web site (under www.bankfirstfs.com and, more specifically, under the Investor Relations tab at www.bankfirstfs.com/about-us/investors.html). The Company intends to use its web site as a means of disclosing material non-public information and for complying with its disclosure obligations under the OTC Markets Group OTCQX Rules for U.S. Banks.  Accordingly, investors should monitor the Company's web site, in addition to following the Company's press releases, OTC filings, public conference calls, presentations and webcasts.

The information contained on, or that may be accessed through, the Company's web site is not incorporated by reference into, and is not a part of, this press release.

Member FDIC

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SOURCE BankFirst Capital Corporation

FAQ

What is the significance of BankFirst's acquisition of Mechanics Banc Holding Company?

The acquisition significantly enhances BankFirst's market presence, increasing total assets to approximately $2.7 billion and expanding its branch network.

When did BankFirst complete the acquisition of Mechanics Bank?

The acquisition was completed on January 1, 2023.

What are the expected impacts of the BankFirst and Mechanics Banc acquisition?

The acquisition is expected to enhance BankFirst's operational capabilities and offer broader banking services to customers in Mississippi and Alabama.

Who are the new executives joining BankFirst from Mechanics Bank?

Cameron Tyler, Charlie Edwards, and Tyler Hill have joined BankFirst in key executive roles.