BankFirst is getting bigger.
Last week, the Columbus-based bank announced it is merging with Newton County Bank. The merger will make BankFirst the 11th largest Mississippi-based banking institution, according to a press release, giving it more than $875 million in assets and 18 branches across 10 Mississippi counties.
BankFirst President and CEO Moak Griffin told The Dispatch on Monday the merger still needed approval from the state, as well as the Federal Reserve, and would take effect Aug. 31.
“I think it’s extremely important to have an independent, community bank,” Griffin said. “Newton County Bank is really the same type of bank we are. We’re just larger.”
With the merger, Griffin said BankFirst would add 38 NCB employees, giving the bolstered BankFirst a total of 208. He said BankFirst intended to keep all of those positions and allow NCB to operate “business as usual” from the outset of the merger. However, he said slow changes may come over time, and BankFirst may trim the NCB workforce by attrition, such as employees retiring.
“We haven’t made any plans to eliminate any positions,” Griffin said. “(NCB) is already a high-performing bank and a solid bank. Not many changes will have to made on day 1.”
Bill Freeman, NCB president and CEO, will serve as the Newton Community Bank president following the transaction and will also join the BankFirst Board of Directors.
“With this partnership, Newton County Bank will become part of a larger, high-performing bank with a culture and customer focus very similar to ours,” Freeman said in a statement. “This partnership will benefit our customers, our community and our employees, immediately and over the long term.”
Zack Plair is the managing editor for The Dispatch.
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