BankFirst Capital Corp., parent of BankFirst Financial Services, announced the completion of its previously-announced acquisition of The Magnolia State Corporation Company, a Mississippi corporation, and its wholly-owned banking subsidiary, Magnolia State Bank, Bay Springs, Miss. The acquisition was effective on July 1, 2025 and results in BankFirst having 52 offices serving Mississippi and Alabama, with total assets of approximately $3.2 billion, gross loans of approximately $2.2 billion and total deposits of approximately $2.8 billion.
Kristofer T. Mangum, Magnolia Bank's CEO, has joined the Bank as South Mississippi Regional President; John Curtis Jones, Magnolia Bank's Chief Credit Officer, has joined the Bank as Regional Credit Officer; Joel S. Thoms, Magnolia Bank's Petal President, has joined the Bank as the Petal Community Bank President; and Nathan D. Shows, Magnolia Bank's Hattiesburg President, has joined the Bank as the Hattiesburg Community Bank President. Lillous Ann Shoemaker, Magnolia Bank's President, has also joined the Bank in an executive position.
Southard Financial LLC rendered a fairness opinion to the BankFirst board of directors and Hunton Andrews Kurth LLP served as BankFirst's legal counsel. Magnolia was advised by Olsen Palmer LLC as financial advisor and Jones Walker LLP as Magnolia's legal counsel.