Bank First to Acquire Magnolia State Bank in $3.2 Billion Merger

Deal News | Mar 27, 2025 | EIN

Bank First to Acquire Magnolia State Bank in $3.2 Billion Merger

Bank First of Columbus, Mississippi, has announced a significant merger with Magnolia State Bank of Bay Springs. Under this agreement, Bank First will acquire Magnolia and Magnolia Bank, enhancing its reach in the South Mississippi market. The merger, valued at approximately $3.2 billion, has been approved by both companies’ boards and is projected to finalize in the third quarter of 2025, contingent on shareholder and regulatory approvals. Post-merger, Bank First will increase its presence with 52 offices spanning Mississippi and Alabama, with total assets estimated at $3.2 billion. This strategic merger aims to bolster Bank First's service offerings and community integration, with Moak Griffin, CEO of Bank First, highlighting the company's commitment to customer service and strong market presence. Magnolia's CEO, Kris Mangum, echoes this sentiment, emphasizing shared values and promising a seamless transition. Upon completion, Mangum will continue as Bank First's South Mississippi regional president.

Sectors

  • Banking and Financial Services

Geography

  • United States – The merger involves banks based in Mississippi, USA, and expands operations into Alabama.
  • Mississippi – Both banks are primarily based in Mississippi, which is central to the merger activity and their market expansion.
  • Alabama – Post-merger, the expanded operations will include offices in Alabama.

Industry

  • Banking and Financial Services – The article discusses a merger between two banks, highlighting the expansion and consolidation within the banking sector.

Financials

  • $3.2 billion – Total estimated assets of Bank First following the merger.

Participants

NameRoleTypeDescription
Bank First of ColumbusAcquirerCompanyA banking institution based in Columbus, Mississippi, acquiring Magnolia State Bank.
Magnolia State BankTarget CompanyCompanyA bank located in Bay Springs, being acquired by Bank First.
Moak GriffinPresident and CEO of Bank FirstPersonLeading the merger efforts and integration strategy for Bank First.
Kris MangumCEO of Magnolia and Magnolia BankPersonOverseeing the transition from Magnolia to Bank First, will continue as South Mississippi regional president.