BankFirst Expands Reach with Magnolia State Acquisition
Deal News | Mar 21, 2025 | EIN
BankFirst Capital Corp. has announced a strategic acquisition of The Magnolia State Corp., aiming to fortify its presence in southern Mississippi. The merged entity will create a $3.2 billion asset company, though specific financial terms remain undisclosed. BankFirst, headquartered in Columbus, Mississippi, operates 42 branches across Mississippi and Alabama, while Magnolia State has eight locations concentrated in southern Mississippi. The merger is expected to enhance the community banking values shared by both institutions. Notably, Kris Mangum, CEO of Magnolia State, will transition to become BankFirst's regional president for Southern Mississippi, and the acquisition is anticipated to close in the third quarter of 2025. Legal and financial advisories were provided by Hunton Andrews Kurth LLP and Southard Financial for BankFirst, and Jones Walker LLP along with Olsen Palmer for Magnolia State.
Sectors
- Banking
- Financial Services
- Mergers and Acquisitions
Geography
- Mississippi, USA – The merger occurs between two banks both operating in Mississippi, focusing on expanding their presence in southern Mississippi.
Industry
- Banking – The article discusses a merger between two banks, highlighting the strategic growth within the banking sector.
- Financial Services – The acquisition involves financial advisory services as both banks aim to expand their product offerings.
- Mergers and Acquisitions – The article is centered around a bank acquisition deal, involving strategic M&A activities.
Financials
- $3.2 billion – Asset size of the new company formed by the merger of BankFirst and Magnolia State.
- $1.2 billion – Valuation of The First Bancshares when it was announced to be acquired by Renasant Corp.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| BankFirst Capital Corp. | Acquirer | Company | The acquiring bank, headquartered in Columbus, Mississippi, with 42 offices in Mississippi and Alabama. |
| The Magnolia State Corp. | Target Company | Company | The target bank, with eight branches in southern Mississippi, being acquired by BankFirst. |
| Kris Mangum | CEO | Person | CEO of The Magnolia State Corp., who will become BankFirst's regional president for Southern Mississippi post-merger. |
| Moak Griffin | President and CEO | Person | President and CEO of BankFirst Capital Corp. |
| Hunton Andrews Kurth LLP | Legal Advisor | Company | Provided legal counsel to BankFirst for the acquisition. |
| Southard Financial | Financial Advisor | Company | Provided a fairness opinion to BankFirst for the acquisition. |
| Jones Walker LLP | Legal Advisor | Company | Provided legal counsel to Magnolia State. |
| Olsen Palmer | Financial Advisor | Company | Served as financial advisor to Magnolia State. |
| Renasant Corp. | Other Company | Company | Acquirer in a separate deal within the article, buying The First Bancshares. |
| The First Bancshares | Selling Company | Company | Selling company in a separate deal, located in Hattiesburg. |