BankFirst Capital in Columbus, Miss., has agreed to buy Mechanics Banc Holding in Water Valley, Miss.
The $2.2 billion-asset BankFirst said in a press release Thursday that it will pay an undisclosed cash amount for the $331 million-asset Mechanics. The deal is expected to close in the first quarter.
“We are excited about … expanding our footprint in the Water Valley and Oxford markets,” Moak Griffin, BankFirst’s president and CEO, said in the release.
“This merger will allow us to build upon and further strengthen our shared beliefs, community focus and commitment to service excellence and relationship banking,” Griffin added.
Cameron Tyler, Mechanics’ chairman and CEO, will become BankFirst’s Oxford, Miss., regional president.
BankFirst was advised by Southard Financial and and Hunton Andrews Kurth. Mechanics was advised by Olsen Palmer and Jones Walker.