BankFirst Capital Corporation Completes Acquisition of The Magnolia State Corporation and Magnolia State Bank

Rhea-AI Summary

BankFirst Capital Corporation (OTCQX:BFCC) has completed its acquisition of The Magnolia State Corporation and its subsidiary, Magnolia State Bank, effective July 1, 2025. The strategic merger significantly expands BankFirst's presence, resulting in 52 offices serving Mississippi and Alabama.

Following the acquisition, BankFirst now holds total assets of approximately $3.2 billion, gross loans of approximately $2.2 billion, and total deposits of approximately $2.8 billion. Several key executives from Magnolia Bank have joined BankFirst in leadership positions, including Kristofer T. Mangum as South Mississippi Regional President.

The transaction was supported by Southard Financial, LLC as fairness opinion provider and Hunton Andrews Kurth LLP as legal counsel for BankFirst, while Magnolia was advised by Olsen Palmer LLC and Jones Walker LLP.

Positive

• Expansion to 52 offices across Mississippi and Alabama, strengthening regional presence
• Significant asset base increase to $3.2 billion
• Strong financial position with $2.2 billion in gross loans and $2.8 billion in deposits
• Retention of key Magnolia Bank executives in leadership positions

Negative

• None.

COLUMBUS, Miss., July 1, 2025 /PRNewswire/ -- BankFirst Capital Corporation (OTCQX:BFCC) ("BankFirst" or the "Company"), parent of BankFirst Financial Services (the "Bank"), today announced the completion of its previously-announced acquisition of The Magnolia State Corporation Company, a Mississippi corporation ("Magnolia"), and its wholly-owned banking subsidiary, Magnolia State Bank, Bay Springs, Mississippi ("Magnolia Bank"). The acquisition was effective on July 1, 2025 and results in BankFirst having 52 offices serving Mississippi and Alabama, with total assets of approximately $3.2 billion, gross loans of approximately $2.2 billion, and total deposits of approximately $2.8 billion.

Kristofer T. Mangum, Magnolia Bank's Chief Executive Officer, has joined the Bank as South Mississippi Regional President; John Curtis Jones Magnolia Bank's Chief Credit Officer, has joined the Bank as Regional Credit Officer; Joel S. Thoms, Magnolia Bank's Petal President, has joined the Bank as the Petal Community Bank President; and Nathan D. Shows, Magnolia Bank's Hattiesburg President, has joined the Bank as the Hattiesburg Community Bank President. Lillous Ann Shoemaker, Magnolia Bank's President, has also joined the Bank in an executive position.

Southard Financial, LLC rendered a fairness opinion to the BankFirst board of directors and Hunton Andrews Kurth LLP served as BankFirst's legal counsel. Magnolia was advised by Olsen Palmer LLC as financial advisor and Jones Walker LLP as Magnolia's legal counsel.

About BankFirst Financial Services

BankFirst Capital Corporation (OTCQX: BFCC) is a registered bank holding company headquartered in Columbus, Mississippi with approximately $2.9 billion in total assets as of March 31, 2025. BankFirst Financial Services, the Company's wholly-owned banking subsidiary, was founded in 1888 and is locally owned, controlled, and operated. The Bank is headquartered in Macon, Mississippi, and operates additional branch offices in Coldwater, Columbus, Flowood, Hattiesburg, Hernando, Independence, Jackson, Louin, Madison, Newton, Oxford, Senatobia, Southaven, Starkville, Tupelo, Water Valley, and West Point, Mississippi; and Addison, Aliceville, Arley, Carrollton, Curry, Double Springs, Fayette, Gordo, Haleyville, Northport, and Tuscaloosa, Alabama. The Bank also operates four loan production offices in Biloxi and Brookhaven, Mississippi, and in Birmingham and Huntsville, Alabama. BankFirst offers a wide variety of services for businesses and consumers. The Bank also offers internet banking, no-fee ATM access, checking, CD, and money market accounts, merchant services, mortgage loans, remote deposit capture, and more. For more information, visit www.BankFirstfs.com.

Available Information

The Company maintains an Internet web site at www.BankFirstfs.com/about/investor-relations. The Company makes available, free of charge, on its web site the Company's annual reports, quarterly earnings reports, and other press releases. In addition, the OTC Markets Group maintains an Internet site that contains reports, proxy and information statements, and other information regarding the Company (at www.otcmarkets.com/stock/BFCC/overview).

The Company routinely posts important information for investors on its web site (under www.BankFirstfs.com and, more specifically, under the Investor Relations tab at www.BankFirstfs.com/about/investor-relations). The Company intends to use its web site as a means of disclosing material non-public information and for complying with its disclosure obligations under the OTC Markets Group OTCQX Rules for U.S. Banks. Accordingly, investors should monitor the Company's web site, in addition to following the Company's press releases, OTC filings, public conference calls, presentations and webcasts.

The information contained on, or that may be accessed through, the Company's web site is not incorporated by reference into, and is not a part of, this press release.

Member FDIC

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SOURCE BankFirst Capital Corporation

FAQ

What is the total asset value of BankFirst Capital Corporation after the Magnolia acquisition?

Following the acquisition, BankFirst Capital Corporation holds total assets of approximately $3.2 billion.

How many branch offices does BankFirst have after acquiring Magnolia State Bank?

After the acquisition, BankFirst now operates 52 offices serving Mississippi and Alabama.

Who are the key executives from Magnolia Bank joining BankFirst?

Key executives joining BankFirst include Kristofer T. Mangum as South Mississippi Regional President, John Curtis Jones as Regional Credit Officer, Joel S. Thoms as Petal Community Bank President, Nathan D. Shows as Hattiesburg Community Bank President, and Lillous Ann Shoemaker in an executive position.

What firms advised on the BankFirst-Magnolia merger?

Southard Financial, LLC provided the fairness opinion and Hunton Andrews Kurth LLP served as legal counsel for BankFirst, while Olsen Palmer LLC was financial advisor and Jones Walker LLP served as legal counsel for Magnolia.

What is the deposit base of BankFirst after the Magnolia acquisition?

Following the acquisition, BankFirst has total deposits of approximately $2.8 billion.