SouthState Acknowledges BankFirst's Expansion Through Magnolia State Acquisition in Southern U.S.
- BankFirst's acquisition of Magnolia State Bank expands its network to 52 offices in Mississippi and Alabama.
- The merger increases BankFirst's total assets to approximately $3.2 billion and enhances its operational capacity.
- BankFirst remains committed to community engagement while investing in technology to meet evolving consumer expectations.
BankFirst Expands Footprint in Southern U.S. with Magnolia State Acquisition
On July 1, 2025, BankFirst Capital Corporation successfully completes its acquisition of The Magnolia State Corporation and its subsidiary, Magnolia State Bank, marking a significant expansion of its presence in Mississippi and Alabama. This strategic move enhances BankFirst's operational capacity, increasing its network to 52 offices across these two states. With the acquisition, BankFirst's total assets swell to approximately $3.2 billion, with gross loans estimated at about $2.2 billion and total deposits nearing $2.8 billion. The integration of Magnolia State Bank's operations not only adds to the bank's financial strength but also strengthens its management team, as key executives from Magnolia, including Kristofer T. Mangum, take on prominent roles within BankFirst.
The merger is supported by a robust framework of financial and legal expertise, with Southard Financial, LLC, and Hunton Andrews Kurth LLP providing essential insights and support to BankFirst during the acquisition process. Meanwhile, Magnolia State Bank received guidance from Olsen Palmer LLC and Jones Walker LLP, ensuring a smooth transition. This collaboration underscores BankFirst's commitment to maintaining a locally-focused approach while leveraging the strengths of both institutions to better serve their customers in the region.
Established in 1888, BankFirst has a rich history of being locally owned and operated, with a steadfast focus on community banking. As it integrates Magnolia State Bank's offerings, BankFirst continues to provide a comprehensive suite of services for both businesses and consumers, including internet banking, no-fee ATM access, checking accounts, mortgage loans, and merchant services. This acquisition places BankFirst in a stronger position to address the financial needs of its customers, enhance service delivery, and maintain its competitive edge in the rapidly evolving banking landscape of the Southern U.S.
In addition to the strategic growth from the acquisition, BankFirst's commitment to community engagement remains a cornerstone of its operations. The bank’s extensive branch network, including four loan production offices, reflects its dedication to supporting local economies by providing accessible financial services tailored to the needs of its diverse clientele.
Furthermore, with the growing emphasis on digital banking, BankFirst is poised to invest in technology advancements that align with evolving consumer expectations, ensuring they remain at the forefront of the banking sector in Mississippi and Alabama. As the financial landscape continues to change, BankFirst's focus on local service and operational expansion positions it as a key player in meeting the banking needs of the Southern U.S. region.
The successful completion of this acquisition marks a pivotal moment for BankFirst, setting the stage for future growth and community service. As it navigates the complexities of integration, the bank is expected to leverage its expanded resources to foster stronger relationships with current and prospective customers alike.
