BankFirst Capital Corporation Completes Acquisition of The Citizens Bank of Fayette

Rhea-AI Summary

BankFirst Capital Corporation (OTCQX:BFCC) has completed its acquisition of The Citizens Bank of Fayette, expanding its operations to 32 offices across Mississippi and Alabama. This strategic move increases BankFirst's total assets to approximately $2.0 billion, gross loans to $1.2 billion, and total deposits to $1.8 billion. Key executives from Citizens Bank are joining BankFirst, enhancing leadership in the Fayette region. The transaction is expected to create synergies and strengthen the bank's presence in the southeastern U.S.

Positive

• Acquisition increases total assets to approximately $2.0 billion.
• Expansion to 32 offices enhances market presence in Mississippi and Alabama.
• Key executives from Citizens Bank join BankFirst, strengthening regional leadership.

Negative

• None.

COLUMBUS, Miss., Jan. 3, 2022 /PRNewswire/ -- BankFirst Capital Corporation (OTCQX:BFCC) ("BankFirst" or the "Company"), parent of BankFirst Financial Services (the "Bank"), today announced the completion of its acquisition of The Citizens Bank of Fayette, Fayette, Alabama ("Citizens Bank") from F.B.H. Corporation, an Alabama corporation ("F.B.H.").  The acquisition results in BankFirst having 32 offices serving Mississippi and Alabama, with total assets of approximately $2.0 billion, gross loans of approximately $1.2 billion, and total deposits of approximately $1.8 billion. 

Robert D. Mills, Citizens Bank's President and Chief Executive Officer, has joined the Bank as Fayette Regional Executive, Sandra H. Nolen, Citizens Bank's Chief Financial Officer, has joined the Bank as Vice President, Fayette Region, and Thomas C. Whitley, Citizens Bank's Chief Operating Officer, has joined the Bank as Fayette Community Bank President.  

BankFirst was advised by Olsen Palmer, LLC as financial advisor and Hunton Andrews Kurth LLP acted as its legal counsel.  F.B.H. was advised by Gerrish Smith Tuck Consultants, LLC as financial advisor and Gerrish Smith Tuck, PC acted as its legal counsel.  

About BankFirst Financial Services

BankFirst Financial Services, the wholly-owned banking subsidiary of BankFirst Capital Corporation, was founded in 1888 and, as of September 30, 2021, is a $1.8 billion financial institution that is locally owned, controlled, and operated.  The Bank is headquartered in Columbus, Mississippi, with additional branch offices in 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, Lynn, Northport, and Tuscaloosa, Alabama.  The Bank also operates three loan production offices in Biloxi, Brookhaven and Oxford, 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.  

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SOURCE BankFirst Capital Corporation

FAQ

What is the significance of BankFirst's acquisition of Citizens Bank of Fayette?

The acquisition enhances BankFirst's asset base and expands its market presence in Mississippi and Alabama.

What are the total assets of BankFirst after the acquisition?

BankFirst's total assets have increased to approximately $2.0 billion following the acquisition.

When was the acquisition of Citizens Bank completed?

The acquisition was completed on January 3, 2022.

Who are the key executives joining BankFirst from Citizens Bank?

Robert D. Mills, Sandra H. Nolen, and Thomas C. Whitley are key executives joining from Citizens Bank.

How many offices does BankFirst operate after the acquisition?

BankFirst now operates a total of 32 offices across Mississippi and Alabama.