BankFirst to Acquire Citizens Bank of Fayette

BankFirst Capital, the parent company of BankFirst Financial Services, signed a definitive merger agreement with F.B.H. Corporation and The Citizens Bank of Fayette under which BankFirst will acquire The Citizens Bank of Fayette. The boards of directors of each company unanimously approved the transaction, which is expected to close in Q4/21 and is subject to customary closing conditions, including approval from the shareholders of F.B.H. and bank regulatory authorities.

“We are excited about the proposed acquisition of Citizens Bank [of Fayette] and believe the cultural alignment between our organizations is strong,” Moak Griffin, president and CEO of BankFirst, said. “In addition, we believe this acquisition furthers our vision of partnering with other community banks that have strong core deposit funding and a tradition of relationship building, customer service and community involvement. We are eager to further expand our community banking model in the state of Alabama by operating two locations in Fayette and look forward to working with the employees and customers who call the Fayette area home.”

After the merger is completed, BankFirst will have 32 offices serving Mississippi and Alabama and have assets in excess of $2 billion.

“We are looking forward to having the Citizens Bank [of Fayette] team join the BankFirst organization,” Robert D. Mills, president and CEO of Citizens Bank of Fayette, said. “As Moak mentioned, our respective organizations foster very similar cultures focused on serving our customers and communities. Together, the combined company will provide an expanded offering of products, services and resources, and we believe will be better able to serve the needs of our customers and the Fayette community as a whole.”

Following the merger, Mills will serve as regional executive for BankFirst in Fayette, AL.

Olsen Palmer is serving as financial advisor and Hunton Andrews Kurth is serving as legal counsel to BankFirst. Gerrish Smith Tuck Consultants is serving as financial advisor and Gerrish Smith Tuck is serving as legal counsel to F.H.B.

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