BankFirst in Columbus, Miss., has agreed to buy Magnolia State Corp. in Bay Springs, Miss.
The $2.8 billion-asset BankFirst said in a press release that it plans to buy the $456 million-asset Magnolia State in the third quarter. The price wasn’t disclosed.
The acquisition “will further strengthen BankFirst as we continue to grow and expand our presence in the south Mississippi market,” Moak Griffin, BankFirst’s president and CEO, said in the release.
“This strategic alliance reinforces our commitment to delivering exceptional customer service and financial solutions that meet the needs of our customers,” Griffin added. “We are eager to build strong relationships with Magnolia’s employees and customers, and we look forward to the positive impact we believe this merger will bring to the communities we serve.”
Hunton Andrews Kurth advised BankFirst, while Southard Financial provided a fairness opinion. Magnolia State was advised by Olsen Palmer and Jones Walker.