Traders and Farmers Bank Acquisition
BankFirst has agreed to acquire Traders and Farmers Bank.
The acquisition of Traders and Farmers Bank ("T&F") is another milestone in the implementation of our strategic vision to serve our customers and communities, increase shareholder value and increase shareholder liquidity.
BankFirst and T&F are both strong and stable community banks with similar values which strive to provide great customer service while caring about their employees and the communities they serve. The merging of the two banks provides broader product offering, increased lending limits, and an expanded set of branch offices that serves Mississippi and Alabama. Both banks believe that our customers will be better served by combining the two into one. With the merger, BankFirst will have total assets in excess of $1.6 billion with 29 total branches across Mississippi and Alabama, and significantly increases our presence in Alabama. In so doing, BankFirst will move from being the 9th to the 8th largest Mississippi-based banking institution.
The transaction, which is expected to close in the first half of 2020, was unanimously approved by the boards of both companies. The transaction is subject to approval by T&F’s shareholders and approval by federal and state regulatory authorities, as well as, the satisfaction of other customary closing conditions provided in the merger agreement.
Founded more than a century ago in 1906, T&F has been family operated by the Walker family since 1925 and remains among the oldest existing financial institutions in the seven communities its nine locations serve.
This is a major step toward solidifying BankFirst as the dominant, community-focused, independent bank in the markets we serve.
Frequently Asked Questions and Answers for existing Traders and Farmers Bank Customers
Who is BankFirst Financial Services?
BankFirst offers a full range of financial solutions, including commercial loans, consumer banking, mortgage loans, and treasury management services. BankFirst, chartered in 1888 in Macon, MS is a $1.3 billion financial institution that is locally owned, controlled and operated with 20 full service branch locations across Columbus, Flowood, Jackson, Macon, Madison, Newton, Starkville, and West Point, Mississippi; and Aliceville, Carrollton, Gordo, Northport, and Tuscaloosa, Alabama, including its corporate headquarters in Columbus and corporate operations in Macon. BankFirst also operates a mortgage loan office in Oxford, Mississippi, and a loan production office in Hattiesburg, Mississippi. Learn more at www.bankfirstfs.com.
Why did Traders and Farmers (”T&F”) choose BankFirst?
With BankFirst, we found a partner that is like us and will continue the focus on our local communities and exceptional products and services. Our Traders and Farmers team of local professionals will continue to be here to serve you before, during, and after the transition. We will update you along the way with the specific dates of the transition and when the T&F banking centers will convert to BankFirst.
Is there anything I need to do today?
No, there is no change and your accounts and services will continue to work as they do today. Please continue to access your accounts as you currently are accustomed to doing and continue to contact your local T&F branch for any of your banking questions or needs.
When will my accounts transition to BankFirst?
All deposits, loans and other products services will transition to BankFirst at conversion which is tentatively scheduled for the 3rd quarter of 2020; there is nothing you need to do, please continue to use your T&F accounts as usual.
Will my T&F debit card continue to work?
Yes, your debit card will continue to work as it does today. There is no need to order a new debit card. At the appropriate time, you will receive a BankFirst debit card to replace your current T&F debit card. With the conversion tentatively scheduled for the 3rd quarter of 2020; we will notify you well in advance of the card being sent.
Will my T&F checks continue to work?
Yes, your checks will continue to work. At the appropriate time after the conversion in the 3rd quarter of 2020, your checks will change to the BankFirst logo when an order is placed and include updated account information.
Will my online and mobile banking change?
Your online and mobile banking services will not change for the time being and you will continue to access your T&F online banking and bill pay at www.tradersandfarmersbank.com. Sometime during the 3rd quarter of 2020, you will receive information regarding the transition to BankFirst’s online and mobile banking platforms. We anticipate this to be a seamless transition.
Where do I send my loan payments?
Continue to send your loan payments to T&F as you have always. We will notify you in the 3rd quarter of 2020 when and if any payment information changes. The existing terms of your loan will remain the same and will require no action on your part.