BankFirst to buy Sycamore Bank in Mississippi

BankFirst Capital in Columbus, Miss., has agreed to buy Tate Financial in Senatobia, Miss. 

The $2 billion-asset BankFirst said in a press release Thursday that it expects to complete the purchase of the parent of the $330 million-asset Sycamore Bank in the third quarter. The price was not disclosed.

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 tradition of relationship banking, customer service and community involvement,” Griffin added. “We expect this merger to enhance our ability to continue investing in our products and services, ensuring that we remain competitive on all fronts.”

Jay Tindall Jr., Tate’s chairman and CEO, will become BankFirst's north Mississippi regional executive officer. 

BankFirst was advised by Olsen Palmer and Hunton Andrews Kurth. Tate was advised by Gerrish Smith Tuck and Southard Financial.