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Bankfirst Capital Corporation To Acquire Tate Financial Corporation And Sycamore Bank

Jun 23, 2022•over 3 years ago

Acquiring Company

BankFirst Financial Services

Acquired Company

Tate Financial

Description

BankFirst Capital Corporation (OTCQX:BFCC) ("BankFirst" or the "Company"), parent of BankFirst Financial Services (the "Bank"), today announced the signing of a definitive merger agreement with Tate Financial Corporation ("Tate"), the parent company of Sycamore Bank, Senatobia, Mississippi ("Sycamore Bank"), under which BankFirst will acquire Tate and Sycamore Bank. The transaction has been approved by the board of directors of each company, is expected to close in the third quarter of 2022, and is subject to customary closing conditions, including approval from the shareholders of Tate and bank regulatory authorities.

Company Information

Company

BankFirst Financial Services

About

BankFirst Financial Services, the wholly-owned banking subsidiary of BankFirst Capital Corporation, was founded in 1888 and, as of September 30, 2021, is a $1.8 billion financial institution that is locally owned, controlled, and operated. The Bank is headquartered in Columbus, Mississippi, with additional branch offices in Flowood, Hattiesburg, Jackson, Louin, Macon, Madison, Newton, Starkville, and West Point, Mississippi and Addison, Aliceville, Arley, Bear Creek, Carrollton, Curry, Double Springs, Fayette, Gordo, Haleyville, Lynn, Northport, and Tuscaloosa, Alabama. The Bank also operates three loan production offices in Biloxi, Brookhaven and Oxford, Mississippi. 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. Member FDIC SOURCE BankFirst Capital Corporation

M&A Insights

Based on deal data
Integration timeline
70% of M&A integrations take 12-24 months to complete
Tech stack consolidation
83% of merged companies consolidate technology vendors within first year
Post-acquisition investment
Companies increase IT spending by 23% on average after acquisitions
Success factor
M&A deals with strong technology integration plans are 2.5x more likely to succeed