BankFirst Capital in Columbus, Miss., has agreed to buy Newton County Bancorp. in Newton, Miss.
Financial terms of the deal were not disclosed. The companies expect the acquisition to close in the third quarter, pending approval from regulators and from Newton County's shareholders.
The deal would give the $741 million-asset BankFirst, the holding company for BankFirst Financial Services, its first offices in Jasper, Newton and Scott counties in Mississippi. And the $162 million-asset Newton County would be the first acquisition in BankFirst's history, according to the Federal Deposit Insurance Corp.
Bill Freeman, Newton County's chief executive, would become president of BankFirst's Newton County market and join BankFirst's board. Newton County Bancorp. is the holding company for Newton County Bank, which was founded in 1912.
Olsen Palmer was the financial adviser for BankFirst, and Brunini, Grantham, Grower & Hewes was its legal counsel. Performance Trust Capital Partners was Newton County's financial adviser and Jones Walker was legal counsel.