The Magnolia State Corporation (“Magnolia”), the parent company of Magnolia State Bank, today announced the signing of a definitive merger agreement with BankFirst Capital Corporation (OTCQX:BFCC) (“BankFirst”), parent company of BankFirst Financial Services, under which BankFirst will acquire Magnolia and Magnolia State Bank.
Olsen Palmer LLC served as financial advisor to The Magnolia State Corporation in connection with this transaction.
The transaction has been unanimously approved by the board of directors of each company, is expected to close in the third quarter of 2025, and is subject to customary closing conditions, including approval from the shareholders of Magnolia and bank regulatory authorities. No vote of BankFirst’s shareholders is required for the merger.
After the merger is completed, BankFirst is expected to have 52 offices serving Mississippi and Alabama and have total assets of approximately $3.2 billion.
Olsen Palmer remains the #2 sell-side bank M&A advisor nationwide—and top 3 overall—based on the number of transactions advised upon since 2020, according to S&P Global.