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About BankFirst Capital Corporation (BFCC)
BankFirst Capital Corporation (OTCQX: BFCC) is a registered bank holding company headquartered in Columbus, Mississippi. Through its wholly-owned subsidiary, BankFirst Financial Services, it operates a network of branches and loan production offices across Mississippi and Alabama, making it a prominent community-focused financial institution in the region. Founded in 1888, BankFirst combines over a century of banking expertise with a commitment to serving local communities through innovative financial solutions and personalized customer service.
Core Business and Services
BankFirst offers a comprehensive suite of financial products and services tailored to meet the needs of individuals, businesses, and underserved communities. Its offerings include:
- Consumer and commercial deposit accounts, including checking, savings, and money market accounts.
- Lending solutions such as commercial loans, mortgage loans, and personal loans.
- Specialized services like merchant services, remote deposit capture, and treasury management.
- Digital banking tools, including internet banking and mobile banking, for seamless financial management.
Additionally, the company is deeply involved in mortgage banking, providing both secondary market mortgage origination and in-house mortgage retention services, which contribute to its diversified revenue streams.
Market Presence and Geographic Footprint
BankFirst operates a robust network of branches and loan production offices, strategically located to serve communities in Mississippi and Alabama. Key markets include cities such as Columbus, Jackson, and Tuscaloosa, where the bank has established a strong local presence. This geographic focus enables BankFirst to build deep relationships with its customers and understand the unique financial needs of its markets.
Commitment to Community Development
As a Community Development Financial Institution (CDFI), BankFirst is dedicated to supporting economic growth in low-income and underserved communities. Its participation in the Emergency Capital Investment Program (ECIP) underscores its commitment to fostering financial inclusion and providing access to capital for small businesses and minority-owned enterprises. This focus on community impact sets BankFirst apart from larger, national banks.
Financial Strength and Stability
BankFirst maintains a strong financial position, with total assets of approximately $2.8 billion as of December 31, 2024. It adheres to the Community Bank Leverage Ratio (CBLR) framework, ensuring compliance with regulatory capital requirements. The bank's liquidity strategy includes minimal reliance on wholesale funding and access to substantial borrowing capacity through the Federal Home Loan Bank (FHLB) and other sources. These measures reflect its prudent risk management and financial resilience.
Competitive Positioning
BankFirst differentiates itself through its local ownership, community-focused approach, and personalized service. Unlike larger, impersonal financial institutions, BankFirst leverages its deep understanding of regional markets to provide tailored solutions. Its emphasis on credit quality, stable deposit growth, and diversified income streams positions it as a reliable and trusted financial partner for its customers.
Regulatory and Risk Management
The company operates under a rigorous regulatory framework, including the Basel III Rules and the CBLR framework. Its strong credit quality metrics, low levels of non-performing assets, and proactive monitoring of economic conditions demonstrate its commitment to maintaining financial stability. BankFirst's allowance for credit losses and conservative lending practices further mitigate risk, ensuring long-term sustainability.
Conclusion
BankFirst Capital Corporation stands out as a resilient, community-focused financial institution with a long history of serving its markets. Its strategic emphasis on local engagement, financial inclusion, and prudent risk management makes it a key player in the regional banking landscape. With a strong foundation and commitment to growth, BankFirst is well-positioned to navigate the evolving financial environment and continue delivering value to its stakeholders.
BankFirst Capital Corporation (OTCQX: BFCC) reported strong financial results for Q4 2022, with net income reaching $7.0 million ($1.31 per share), up from $5.3 million ($1.00 per share) in Q3 2022 and $4.4 million ($0.84 per share) in Q4 2021. The company’s total assets increased 37% year-over-year to $2.5 billion, driven by significant loan and deposit growth. Total loans rose by 26% to $1.5 billion, while total deposits increased 32% to $2.1 billion. The company also completed acquisitions of Tate Financial Corporation and Mechanics Banc Holding Company, expanding its operations and asset base substantially.
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.
BankFirst Capital Corporation (OTCQX: BFCC) declared a cash dividend of $0.85 per share on November 17, 2022. This dividend is payable on December 9, 2022, for shareholders recorded as of December 1, 2022. With total assets around $2.2 billion as of September 30, 2022, the company continues to exhibit confidence in shareholder returns through consistent dividend payments. This marks a continued commitment to rewarding investors amidst a stable financial backdrop.
BankFirst Capital Corporation (OTCQX:BFCC) has successfully completed its acquisition of Tate Financial Corporation and its subsidiary, Sycamore Bank, enhancing its operational footprint in Mississippi and Alabama. This strategic move expands BankFirst's network to 38 offices, with total assets now approximated at $2.5 billion, gross loans at $1.4 billion, and total deposits reaching $2.1 billion. Key executives from Sycamore Bank have transitioned to roles within BankFirst, signaling a consolidation of leadership.
BankFirst Capital Corporation (OTCQX: BFCC) announced a definitive merger agreement to acquire Mechanics Banc Holding Company, the parent of Mechanics Bank, for all-cash consideration. This transaction, approved by both boards, is expected to close in Q1 2023, pending shareholder and regulatory approvals. BankFirst aims to expand its presence in the Water Valley and Oxford markets, enhancing community banking services with over 264 years of combined experience. Post-merger, BankFirst will operate 47 offices across Mississippi and Alabama, boasting assets exceeding $2.7 billion.
BankFirst Capital Corporation (OTCQX:BFCC) announced the opening of a new loan production office (LPO) in Tupelo, Mississippi, enhancing its market presence in northeast Mississippi. The LPO, located at 431 West Main Street, will be overseen by Jamie Osbirn, who has over 20 years of banking experience in the area. With this addition, BankFirst now operates 36 offices across Mississippi and Alabama, boasting assets exceeding $2 billion. President Moak Griffin expressed enthusiasm for serving the community's lending needs with this expansion.
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