BankFirst Capital Expands Reach with Acquisition of Magnolia State Bank

BankFirst Capital Corporation, the parent company of BankFirst Financial Services, has agreed to acquire The Magnolia State Corporation and its subsidiary, Magnolia State Bank, based in Bay Springs, MS. Both companies’ boards have unanimously approved the deal, which is slated to close in the third quarter of 2025, pending customary conditions such as shareholder and regulatory approvals.

Following the merger, BankFirst’s footprint will grow to 52 branches spanning Mississippi and Alabama, boosting its total assets to roughly $3.2 billion. Kris Mangum, currently Magnolia’s CEO, will step into the role of BankFirst’s South Mississippi regional president. The acquisition is designed to bolster BankFirst’s influence in South Mississippi while preserving Magnolia’s established customer ties and local banking staff.

“This strategic alliance reinforces our commitment to delivering exceptional customer service and financial solutions that meet the needs of our customers,” BankFirst’s president and CEO, Moak Griffin, said.

Southard Financial and Olsen Palmer served as financial advisors, while Hunton Andrews Kurth LLP and Jones Walker LLP provided legal counsel for BankFirst and Magnolia, respectively.