Mechanics Bank has been acquired by BankFirst Financial Services
Posted at 5:00 PM Thursday September 1, 2022
Columbus, Miss. – First Bank Capital Corporation, the parent company of First Financial Services, today announced the signing of a definitive merger agreement with Mechanics Bank Holdings, the parent company of Mechanics Bank, Water Valley, Mississippi, under which Bank First will acquire Mechanics and Mechanics. Bank.
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.
Announcing the announcement, BankFirst President and CEO, Moak Griffin said: “We are excited about the proposed acquisition of Mechanics Bank and the expansion of our presence in the Water Valley and Oxford markets. Being a strong local community bank for the communities we serve is critical to us and the company will enjoy Combined with more than 264 years of community banking experience in Mississippi. This merger will allow us to build on and strengthen our shared beliefs, community focus, and commitment to service excellence and banking relationships. We look forward to meeting and working with all of Mechanics’ employees and customers.”
Following the completion of the merger with Mechanics and Mechanics 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 Alabama, and have more than $2.7 billion in assets. .
Cameron Tyler, 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 our portfolio of financial products and services. that 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 clients continue to do business with the people they have grown to trust. I am excited about the momentum this partnership will create 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.
Mechanics Bank, the subsidiary bank of Mechanics Bank Holdings, was founded in 1892 to provide quality financial products and services to customers in Yallopusha and Lafayette, Mississippi, counties who value relationship banking.
A financial institution with approximately $330.8 million in total assets as of June 30, 2022, Mechanics Bank is headquartered in Water Valley, Mississippi, with 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.
BankFirst Capital Corporation is a registered banking holding company headquartered in Columbus, Mississippi with approximately $2.2 billion in total assets as of June 30, 2022.
BankFirst Financial Services, the company’s wholly owned subsidiary 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 Columbus, Flood, Hattiesburg, Jackson, Lewin, Macon, Madison, Newton, Starkville, and West Point, Mississippi; Addison, Aliceville, Arly, Bear Creek, Carrollton, Cary, Double Springs, Fayette, Gordo, Halleville, Lynn, Northport, Tuscaloosa, Alabama.
The bank also operates five loan production offices in Birmingham and Alabama as well as Biloxi, Brookhaven, Oxford and Tupelo Mississippi.
BankFirst offers a variety of services to businesses and consumers. The bank also offers online banking, no-fee ATM access, checking, CDs, money market accounts, merchant services, mortgage loans, remote deposit pickup, and more.
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