COLUMBUS, Miss.--(BUSINESS WIRE)--BankFirst Capital Corporation (“BankFirst” or the “Company”), parent of BankFirst Financial Services (the “Bank”), today announced the signing of a definitive merger agreement with FNB Bancshares of Central Alabama, Inc., (“FNB Bancshares”), parent of FNB of Central Alabama, under which BankFirst will acquire FNB Bancshares. The transaction has been unanimously approved by the board of directors of each company, is expected to close in the first quarter of 2019, and is subject to customary closing conditions, including approval from the shareholders of FNB Bancshares and bank regulatory authorities.
In making the announcement, BankFirst’s President and Chief Executive Officer, Moak Griffin, said, “Being a strong, local community bank for the communities we serve is extremely important to both BankFirst and FNB of Central Alabama. By combining our 183 years of banking experience in Mississippi and Alabama, this merger will allow us to build upon and further strengthen our shared beliefs, community focus and commitment to service excellence. In addition, this merger supports our strategic intention of partnering with organizations that have strong core deposit funding, solid commercial banking and credit practices, and a long tradition of superior community and customer service.”
After the merger is completed, the combined company will operate under the BankFirst brand, have 22 offices serving Mississippi and Alabama, and have assets in excess of $1.2 billion.
R. Heyward Gould, Jr., President and Chief Executive Officer of FNB of Central Alabama, commented, “Our customers will benefit from this merger through an increased legal lending limit, more diversified product offerings, and a continued focus on technology solutions in banking. The close proximity of the corporate headquarters will enable us to continue to offer local decision making. Best of all, the customers’ relationships with the bankers they’ve worked with in the past will continue unchanged as we become part of the BankFirst team.”
BankFirst was advised by FIG Partners, LLC as financial advisor and Hunton Andrews Kurth LLP is serving as legal counsel. FNB Bancshares was advised by Porter White Capital, LLC as financial advisor and Jones Walker LLP is serving as legal counsel.
About BankFirst Financial Services
BankFirst Financial Services, the subsidiary bank of BankFirst Capital Corporation, was founded in 1888 and is a $974.1 million financial institution that is locally owned, controlled, and operated. The Bank’s headquarters is in Columbus, Mississippi, with additional offices in Flowood, Hickory, Jackson, Lake, Louin, Macon, Madison, Newton, Starkville and West Point, and Tuscaloosa, Alabama. BankFirst offers a wide variety of services for businesses and consumers. The Bank also offers internet banking, no-fee ATM access, checking, CD, and money market accounts, merchant services, mortgage loans, remote deposit capture, and more. For more information, visit www.bankfirstfs.com.
About FNB of Central Alabama
FNB of Central Alabama, the subsidiary bank of FNB Bancshares of Central Alabama, Inc., was founded in 1965 to meet the needs of business and consumers in central Alabama. A $273.2 million financial institution, FNB of Central Alabama is headquartered in Tuscaloosa, Alabama, with additional offices in Aliceville, Carrollton, Gordo and Northport, Alabama. FNB of Central Alabama offers a wide variety of consumer and business products including banking technology. For more information, visit www.fnbca.com.
Cautionary Statement Regarding Forward-Looking Statements
Forward-looking statements in this press release, such as statements relating to future plans and expectations, are subject to risks, uncertainties, and other important factors, such as continued economic difficulties at local, national, or global levels, greater than expected noninterest expenses, regulatory changes, unpredictable natural or other disasters, or a deterioration in credit quality, which could cause actual results to differ materially from our expectations of future results, performance or achievements, or industry results, expressed or implied by such forward-looking statements. These statements are “forward looking statements” for purposes of applicable securities laws, and are based on current information and/or management's good faith belief as to future events. The words “believe,” “expect,” “anticipate,” “project,” “should,” and similar expressions signify forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance.
BankFirst Capital Corporation and FNB Bancshares of Central Alabama, Inc. undertake no obligation to revise or update publicly any forward-looking statements for any reason.