Bank First of Columbus (Mississippi) has announced a merger agreement with Magnolia State Bank of Bay Springs.
Bank First will acquire Magnolia as well as Magnolia Bank as part of the transaction. The transaction was unanimously approved by each company’s board of directors, according to a Bank First statement. It is expected to close in the third quarter of 2025, subject to closing conditions such as approval from Magnolia shareholders and bank regulatory authorities.
“We believe our proposed acquisition of Magnolia State Bank will further strengthen Bank First as we continue to grow and expand our presence in the South Mississippi market,” said Moak Griffin, President and CEO of Bank First, in a statement.
“This strategic alliance strengthens our commitment to providing exceptional customer service and financial solutions that meet our customers’ needs. We are excited to develop strong relationships with Magnolia’s employees and customers, and we anticipate the positive impact this merger will have on the communities we serve.”
Bank First is expected to have 52 offices in Mississippi and Alabama following the merger, with total assets of around $3.2 billion.
“This partnership represents an exciting opportunity for our shareholders, customers, employees, and communities,” said Kris Mangum, CEO of Magnolia and Magnolia Bank. “Bank First shares our core values, which are rooted in community banking, so the transition will be seamless.
Through this proposed merger, we will broaden the financial products and services available to our customers while retaining our dedicated team and the relationships we’ve built over time.
Following the merger, Mangum is expected to remain with Bank First as its South Mississippi regional president.
