BankFirst Capital Corporation (OTCQX:BFCC), parent of BankFirst Financial Services, today announced the completion of its acquisition of Tate Financial Corporation, a Mississippi corporation (“Tate”), and its wholly-owned banking subsidiary, Sycamore Bank, Senatobia, Mississippi (“Sycamores Bank”). The acquisition results in BankFirst having 38 offices serving Mississippi and Alabama, with total assets of approximately $2.5 billion, gross loans of approximately $1.4 billion, and total deposits of approximately $2.1 billion.
M. J. “Jay” Tindall, Jr., Sycamore Bank’s Chairman and Chief Executive Officer, has joined the Bank as North Mississippi Regional Executive, Michael Webb, Sycamore Bank’s President and Chief Operating Officer, has joined the Bank as North Mississippi Regional President, and Doug McClure, Sycamore Bank’s Executive Vice President, has joined the Bank as Tate County Community Bank President.
BankFirst was advised by Olsen Palmer, LLC as financial advisor and Hunton Andrews Kurth LLP is serving as its legal counsel. Tate was advised by Gerrish Smith Tuck, PC as financial advisor and legal counsel, and Southard Financial, LLC provided a fairness opinion to the Tate board of directors.