BankFirst Capital has signed a definitive merger agreement to acquire FNB Bancshares of Central Alabama, the parent company of FNB of Central Alabama.
The acquisition of FNB Bancshares was approved by the boards of both the companies, said BankFirst Capital.
The transaction is anticipated to be closed in the first quarter of next year, subject to customary closing conditions including the approval from shareholders of FNB Bancshares and bank regulatory authorities.
BankFirst president and CEO Moak Griffin said: “Being a strong, local community bank for the communities we serve is extremely important to both BankFirst and FNB of Central Alabama.
“By combining our 183 years of banking experience in Mississippi and Alabama, this merger will allow us to build upon and further strengthen our shared beliefs, community focus and commitment to service excellence.
“In addition, this merger supports our strategic intention of partnering with organizations that have strong core deposit funding, solid commercial banking and credit practices, and a long tradition of superior community and customer service.”
Upon closing of the transaction, the merged entity will operate under the brand of BankFirst and will have 22 offices serving across Mississippi and Alabama and will have assets of more than $1.2bn.
FNB of Central Alabama president and CEO R Heyward Gould, Jr. said: “Our customers will benefit from this merger through an increased legal lending limit, more diversified product offerings, and a continued focus on technology solutions in banking.
“The close proximity of the corporate headquarters will enable us to continue to offer local decision making.
“Best of all, the customers’ relationships with the bankers they’ve worked with in the past will continue unchanged as we become part of the BankFirst team.”
BankFirst was established in 1888 and is now headquartered in Columbus, Mississippi with additional corporate operations in Macon, Mississippi. Currently, the bank operates from 16 branches in Mississippi and Alabama.
FNB of Central Alabama is a subsidiary of FNB Bancshares of Central Alabama. It was established in 1965 in central Alabama. It also has offices in Aliceville, Carrollton, Gordo and Northport, Alabama.