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BankFirst Capital to Acquire Tate Financial and Sycamore Bank

June 24, 2022, 07:12 AM
Filed Under: Mergers & Acquisitions

BankFirst Capital Corporation, parent of BankFirst Financial Services (the Bank), announced the signing of a definitive merger agreement with Tate Financial Corporation, the parent company of Sycamore Bank, Senatobia, Mississippi (Sycamore Bank), under which BankFirst will acquire Tate and Sycamore Bank. The transaction has been approved by the board of directors of each company, is expected to close in the third quarter of 2022, and is subject to customary closing conditions, including approval from the shareholders of Tate and bank regulatory authorities.

BankFirst's President and Chief Executive Officer, Moak Griffin, said, "The acquisition of Sycamore Bank will be another milestone in the implementation of our strategic plan to serve our customers and communities and increase shareholder value. In addition, we believe this merger furthers our vision of partnering with other community banks that have strong core deposit funding and a tradition of relationship banking, customer service and community involvement. Together, the combined company will have over 256 years of community banking experience in Mississippi. We expect this merger to enhance our ability to continue investing in our products and services, ensuring that we remain competitive on all fronts as the banking industry continues to change and evolve."

After the merger is completed, the Bank will have 41 locations serving Mississippi and Alabama, and have assets in excess of $2.5 billion.

M. J. "Jay" Tindall, Jr., Chief Executive Officer and Chairman of Tate and Sycamore Bank, said, "Tate Financial Corporation and Sycamore Bank are excited to be partnering with a relationship-focused financial institution that has a rich history of supporting its communities and which will provide all Sycamore Bank clients with the same friendly service they are accustomed to and a wider array of services, products and locations. This presents an opportunity for our customers to enjoy expanded locations and convenience with the same quality banking services that they have come to expect."

Following the merger, Tindall will remain with the Bank, serving as the Bank's North Mississippi Regional Executive Officer.

BankFirst was advised by Olsen Palmer, LLC as financial advisor and Hunton Andrews Kurth LLP is serving as its legal counsel. Tate was advised by Gerrish Smith Tuck, PC as financial advisor and legal counsel, and Southard Financial, LLC provided a fairness opinion to the Tate board of directors.

A financial institution with approximately $330.4 million in total assets as of March 31, 2022, Sycamore Bank is headquartered in Senatobia, MS. Its products include commercial equipment loans and commercial real estate loans.

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