Columbus, Ms.And the September 1, 2022 /PRNewswire/ – BankFirst Capital Corporation (OTCQX: BFCC) (“BankFirst” or the “Company”), the parent company of BankFirst Financial Services (the “Bank”), today announced the signing of a definitive merger agreement with Mechanics Banc Holding Company (“Mechanics”), the parent company of Mechanics Bank and Water Valley, Mississippi (“Bank of Mechanics”), under which BankFirst will acquire Mechanics Bank for all cash. The transaction has been approved by each company’s board of directors, is expected to close in the first quarter of 2023, and is subject to usual closing conditions, including approval by Mechanics shareholders and the bank’s regulatory authorities.
In the announcement, BankFirst President and CEO said, Mock GriffinHe said, “We are excited about the proposed acquisition of Mechanika Bank and the expansion of our presence in Water Valley And the Oxford markets. Being a strong local community bank for the communities we serve is critical to us and the combined company will have more than 264 years of community banking experience in Mississippi. This combination will allow us to build on and enhance our shared beliefs, community focus, and commitment to excellence in service and banking relationships. We look forward to meeting and working with all of the mechanics’ staff and customers.”
After the completion of the merger with M&A Bank, and assuming the completion of the previously announced merger with Tate Financial Corporation and Sycamore Bank, the bank is expected to have 47 offices serving Mississippi And the Alabamaand has assets of more than $2.7 billion.
Cameron TylerThe CEO and Chairman of Mechanics Bank commented, “This is a great opportunity for our shareholders, customers, employees and communities. We look forward to joining the BankFirst team as they share our core values focused on community banking. This merger will expand the range of financial products and services we can offer to our clients.” While maintaining our team and the relationships built over many years. BankFirst’s commitment to our local team of bankers will ensure that our customers will continue to do business with people. Trust has grown. I am excited about the momentum this partnership will have and the positive impact it will have within our communities.” Following the merger, Mr. Tyler will remain at the bank, serving as the regional head of the bank in Oxford Mississippi.
First Bank has been advised by Southard Financial, LLC as its financial advisor, and Hunton Andrews Kurth LLP is acting as its legal advisor. The mechanics were advised by Olsen Palmer LLC as financial advisor and Jones Walker LLP as legal counsel.
About First Bank Financial Services
Bank First Capital Corporation (OTCQX: BFCC) is a registered banking holding company headquartered in Columbus, Mississippi with approximately $2.2 billion In total assets as of 30 June 2022. BankFirst Financial Services, the company’s wholly owned subsidiary banking subsidiary, was founded in 1888 and is locally owned, controlled and operated. The head office of the company is located in Columbus, MississippiThe Bank operates additional branch offices in ColumbusAnd the flowAnd the HattiesburgAnd the JacksonAnd the lewinAnd the maconAnd the MadisonAnd the NewtonAnd the StarkvilleAnd the West Point, Mississippi; And the AddisonAnd the ElisevilleAnd the ArliAnd the Bear CreekAnd the CarrolltonAnd the curryAnd the double springsAnd the FayetteAnd the GordoHalleville , North portAnd the Tuscaloosa, Alabama. The bank also operates five loan production offices in Birmingham, Alabama Beside BiloxiBrookhaven Oxfordand Tupelo Mississippi. BankFirst offers a variety of services to businesses and consumers. The bank also offers online banking, fee-free ATM access, checking, CDs, money market accounts, merchant services, mortgage loans, remote deposit pickup, and more. For more information visit www.bankfirstfs.com.
About the Mechanics Bank
Mechanics Bank, the subsidiary bank of Mechanics Bank Holdings, was established in 1892 to provide high quality financial products and services to clients in yalopsha And the Lafayette counties, MississippiWho values banking relationships. Financial institution with approx $330.8 million In total assets as of 30 June 2022The headquarters of the Mechanical Bank is located in Water Valley, Mississippiwith additional branch offices in Oxford, Mississippi. Mechanics Bank offers a wide range of consumer and business products including online banking, checking, savings, ATM/Debit cards, personal loans, mortgage loans, business equipment loans, commercial real estate loans and more. For more information visit www.mechanicsbankms.com.
Cautionary statement regarding forward-looking statements
This press release contains “forward-looking statements” for purposes of applicable securities laws. These statements may relate to expectations, beliefs, plans, predictions, expectations, objectives, assumptions, events or future performance, which are not historical facts and may be forward-looking. These statements are often, but not always, made through the use of words or phrases such as “expect,” “believe,” “could,” “could,” “could,” “expect,” “likely,” “should,” “will,” ,” “estimate,” “plans,” “projects,” “ongoing,” “underway,” “expects,” “intends” and similar words or phrases. The Company cautions that such forward-looking statements are subject to risks, uncertainties and other significant factors, such as the effects of the ongoing COVID-19 pandemic (including any current or future variant of the COVID-19 virus), and our ability to complete our previously announced acquisitions of Tate Financial Corporation and Sycamore Bank, the current inflationary environment in the US economy, economic difficulties at the local, national or global levels, larger than expected nonprofit spending, regulatory changes, fluctuations in interest rates, unpredictable normal or other catastrophes, or deteriorating credit quality, which Actual results may be caused to differ materially from our expectations of future results, performance, achievements or industry results, expressed or implied by these forward-looking statements. Because of these uncertainties and other potential risks, readers are cautioned not to place undue reliance on the forward-looking statements contained in this press release. These forward-looking statements are based on current information and/or management’s belief in good faith regarding future events. Forward-looking statements should not be read as a guarantee of future performance. Any forward-looking statements presented in this press release are made only as of the date of this press release, and BankFirst, the Bank, and MME undertakes no obligation to publicly revise or update any forward-looking statements for any reason, except as required by law.
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SOURCE BankFirst Capital Corporation
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