BankFirst Capital, parent of BankFirst Financial Services, signed a merger agreement with Mechanics Banc Holding Company, the parent company of Mechanics Bank, under which BankFirst will acquire Mechanics and Mechanics Bank for all-cash consideration. The transaction has been approved by the board of directors of each company, is expected to close in Q1/23 and is subject to customary closing conditions, including approval from the shareholders of Mechanics and bank regulatory authorities.
“We are excited about the proposed acquisition of Mechanics Bank and expanding our footprint in the Water Valley and Oxford markets [in Mississippi],” Moak Griffin, president and CEO at BankFirst, said. “Being a strong, local community bank for the communities we serve is extremely important to us and the combined company will collectively have over 264 years of community banking experience in the state of Mississippi. This merger will allow us to build upon and further strengthen our shared beliefs, community focus and commitment to service excellence and relationship banking. We look forward to meeting and working with all of Mechanics’ employees and customers.”
After the merger with Mechanics and Mechanics Bank is completed, and assuming the completion of the previously-announced merger with Tate Financial and Sycamore Bank, BankFirst is expected to have 47 offices serving Mississippi and Alabama and have assets in excess of $2.7 billion.
“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 centered on community banking,” Cameron Tyler, CEO and chairman of Mechanics and Mechanics Bank, said. “This merger will expand the portfolio of financial products and services we are able to offer our customers while preserving our team and the relationships built over many years. BankFirst’s commitment to our local team of bankers will ensure that our customers will still do business with the people they have grown to trust. I am excited for the momentum this partnership will produce and the positive impact it will have within our communities.”
Following the merger, Tyler will remain with BankFirst, serving as the bank’s regional president in Oxford, MS.
Southard Financial served as financial advisor for BankFirst and Hunton Andrews Kurth is serving as its legal counsel. Mechanics was advised by Olsen Palmer as financial advisor and Jones Walker as legal counsel.
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