It was a tough day in the markets for BankFirst Capital Corporation (OTCMKTS:BFCC) shareholders as the stock suffered from a bit of a selloff and ended the day with a decline of as much as 4%. Investors might be hoping for a quick recovery in the stock today and hence, it is likely that the stock is going to come into focus today. In this situation, it may be a good move for investors to consider taking a closer look at the company’s business and some of the latest developments.
On Thursday, BFCC stock ended flat at $27.40 with more than 15K shares, compared to its average volume of 874 shares. The stock moved within a range of $27.10 – 27.80 after opening trade at $27.40.
About BankFirst Capital Corporation
BankFirst Capital Corporation is a bank holding company and is based out of Columbus in Mississippi. As of March 31, 2022, it had assets to the tune of around $2 billion in its books.
On the other hand, the company also has a fully owned subsidiary unit named BankFirst Financial Services which is owned locally and operated locally as well. It had been established as far back as 1888. At this point in time, BankFirst Capital Corporation operates in a number of other markets where it operates branch offices.
On the other hand, the bank also boasts of as many as four loan production offices located in Oxford, Birmingham, and Biloxi. In addition to that, it offers all the modern services that one would expect from a modern bank starting from money market accounts, ATM services, mortgage loans, and merchant services among others.
BankFirst Capital Corporation to Acquire Tate Financial Corporation and Sycamore Bank
The BankFirst Capital Corporation stock came into focus on Thursday after the company announced that it had inked a definitive merger agreement with regard to a key acquisition. The agreement in question had been signed with Tate Financial Corporation, which is the parent company of the Sycamore Bank.
Under the terms of the agreement, BankFirst Capital Corporation is going to acquire Tate and Sycamore Bank. The board of directors of both companies has approved the deal and the transaction is expected to be completed at some point in the third quarter of this year. That being said, it ought to be noted that the closing of the transaction is also subject to standard conditions.
In making the announcement, BankFirst’s President and Chief Executive Officer, Moak Griffin, said, “The acquisition of Sycamore Bank will be another milestone in the implementation of our strategic plan to serve our customers and communities and increase shareholder value. In addition, we believe this merger furthers our vision of partnering with other community banks that have strong core deposit funding and a tradition of relationship banking, customer service, and community involvement. Together, the combined company will have over 256 years of community banking experience in Mississippi. 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.”
BFCC stock is trading below the 20-Day and 50-Day Moving averages of $28.62 and $30.31 respectively. Moreover, the stock is trading below the 200-Day moving average of $30.01.