BankFirst Capital (BankFirst), the parent company of BankFirst Financial Services, closed a definitive merger agreement with Tate Financial, the parent company of Sycamore Bank, under which BankFirst will acquire Tate and Sycamore Bank. The transaction has been approved by the board of directors of each company, is expected to close in Q3/22 and is subject to customary closing conditions, including approval from the shareholders of Tate and bank regulatory authorities.

“The acquisition of Sycamore Bank will be another milestone in the implementation of our strategic plan to serve our customers and communities and increase shareholder value,” Moak Griffin, president and CEO of BankFirst, said. “In addition, we believe this merger furthers our vision of partnering with other community banks that have strong core deposit funding and a tradition of relationship banking, customer service and community involvement. Together, the combined company will have over 256 years of community banking experience in Mississippi. We expect this merger to enhance our ability to continue investing in our products and services, ensuring that we remain competitive on all fronts as the banking industry continues to change and evolve.”

After the merger is completed, the bank will have 41 locations serving Mississippi and Alabama and have assets in excess of $2.5 billion.

“Tate Financial and Sycamore Bank are excited to be partnering with a relationship-focused financial institution that has a rich history of supporting its communities and which will provide all Sycamore Bank clients with the same friendly service they are accustomed to and a wider array of services, products and locations,” M.J. “Jay” Tindall Jr., CEO and chairman of Tate and Sycamore Bank, said. “This presents an opportunity for our customers to enjoy expanded locations and convenience with the same quality banking services that they have come to expect.”

Following the merger, Tindall will remain with the bank, serving as the bank’s north Mississippi regional executive officer.