BankFirst Capital Corporation (OTCMKTS:BFCC) on September 1, 2022, announced the signing of a definitive merger agreement with Mechanics Banc Holding Company. Under the agreement, BankFirst will acquire Mechanics as well as Mechanics Bank for all-cash consideration.
Trading Data
On Thursday, BFCC stock rose 0.03% to $32.50 with more than 1.06K shares, compared to its average volume of 1.45K shares. The stock moved within a range of $31.70 – 32.50 after opening trade at $31.70.
BankFirst Capital Corporation to Acquire Mechanics Banc Holding Company and Mechanics Bank
Approved by the board of directors of every company, the transaction will be closed by the first quarter of 2023, subject to approval from shareholders of Mechanics and bank regulatory authorities.
BankFirst’s President and Chief Executive Officer, Moak Griffin, said that the firm is excited about the proposed acquisition of Mechanics Bank as well as the expansion of the footprint in Water Valley and Oxford markets. Griffin added that being a strong community bank, they collectively have over 264 years of community banking experience in the State of Mississippi. Griffin further stated that the merger will enable the firm to build and strengthen shared beliefs, community focus as well as a commitment to service excellence.
Post-merger, the Bank is expected to have 47 offices serving Alabama and Mississippi, with assets in excess of $2.7 billion.
Cameron Tyler, Chief Executive Officer and Chairman of Mechanics and Mechanics Bank said that it is a significant opportunity for employees, shareholders, customers, and communities. The bank is looking forward to joining the BankFirst team as they share core values centered on community banking.
Key Quote
In making the announcement, BankFirst’s President and Chief Executive Officer, Moak Griffin, said, “We are excited about the proposed acquisition of Mechanics Bank and expanding our footprint in the Water Valley and Oxford markets. Being a strong, local community bank for the communities we serve is extremely important to us and the combined company will collectively have over 264 years of community banking experience in the State of Mississippi. This merger will allow us to build upon and further strengthen our shared beliefs, community focus and commitment to service excellence and relationship banking. We look forward to meeting and working with all of Mechanics’ employees and customers.”
Technical Data
BFCC stock is trading above the 20-Day and 50-Day Moving averages of $31.70 and $30 respectively. Moreover, the stock is trading above the 200-Day moving average of $30.17.
