BankFirst Capital has brokered a deal to acquire Traders & Farmers Bancshares (T&F) in a cash and stock deal valued at approximately $49m.
Traders & Farmers Bancshares, a parent company of Traders & Farmers Bank, is headquartered in Haleyville, Alabama.
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The deal has been unanimously approved by the board of directors of both the firms.
Founded 114 years ago, T&F is a $366m firm offering its consumers a range of products including internet banking, bill pay, checking, savings, and personal loans among other services.
BankFirst president and CEO Moak Griffin said: “The combined company will have over 246 years of community banking experience in Mississippi and Alabama.
“We expect this merger to enhance our ability to continue investing in our products and services, ensuring that we remain competitive on all fronts as the banking industry continues to change and evolve.”
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By GlobalDataThe merged company will have 31 offices across Mississippi and Alabama with assets in excess of $1.6bn.
Upon deal closing, the new entity will operate under the brand name of BankFirst.
T&F CEO Rickey McCreless commented: “Together, with an expanded offering of products, services and resources, we will be better able to serve the needs of our customers and our communities. We also believe that this is an excellent opportunity for our shareholders and employees.”
The deal is expected to close in the second quarter of this year.
