BankFirst adding to Alabama operations with T&F purchase

Register now

BankFirst in Columbus, Miss., has agreed to buy Traders & Farmers Bancshares in Haleyville, Ala.

The $1.3 billion-asset BankFirst said in a press release Wednesday that it will pay $49 million in cash and stock for the $366 million-asset parent of Traders & Farmers Bank. The deal is expected to close in the second quarter.

Traders & Farmers will also be allowed to pay its shareholders a $33 million special dividend.

The acquisition “will be another milestone in the implementation of our strategic plan to serve our customers and communities and increase shareholder value,” Moak Griffin, BankFirst’s president and CEO, said in the release.

“We believe this merger furthers our vision of partnering with other community banks that have strong core deposit funding and a long tradition of superior community and customer service,” Griffin added.

BankFirst was advised by Olsen Palmer and Hunton Andrews Kurth. Traders & Farmers was advised by Porter White Capital and Bradley Arant Boult Cummings.

For reprint and licensing requests for this article, click here.
Community banking M&A Capital Growth strategies Alabama Mississippi