BankFirst to Merge with Magnolia State Bank in $3.2 Billion Deal

BankFirst of Columbus, Mississippi, and Magnolia State Bank of Bay Springs have announced a merger agreement valued at $3.2 billion. Under the terms of the agreement, BankFirst will acquire both Magnolia and Magnolia Bank, a move that has secured unanimous board approval from both banks. The merger is anticipated to close in the third quarter of 2025, dependent on both shareholder and regulatory approval. This strategic merger is expected to enhance BankFirst's presence in Southern Mississippi and expand its office network to 52 locations across Mississippi and Alabama. The merger aligns with institutional priorities of expanding customer service capabilities and offering a wider range of financial products. Current CEO of Magnolia, Kris Mangum, will transition to the role of South Mississippi regional president under BankFirst. Statements from both banks highlight the strategic alignment of their core values and the benefit of expanded services for customers and shareholders alike.