Mechanics Banc Holding Company (“Mechanics”), the parent company of Mechanics Bank, today announced the signing of a definitive merger agreement with BankFirst Capital Corporation (OTCQX:BFCC) (“BankFirst”), parent of BankFirst Financial Services, under which BankFirst will acquire Mechanics and Mechanics Bank for all-cash consideration.
Olsen Palmer LLC served as financial advisor to Mechanics Bank Holding Company in connection with this transaction.
The transaction has been approved by the board of directors of each company, is expected to close in the first quarter of 2023, and is subject to customary closing conditions, including approval from the shareholders of Mechanics and bank regulatory authorities.
Founded in 1892, Mechanics Bank has six banking offices and approximately $331 million in total assets as of June 30, 2022.
After the merger is completed, and assuming the completion of an unrelated previously-announced transaction, BankFirst is expected to have 42 offices and have assets in excess of $2.7 billion.
Olsen Palmer remains one of the top 3 bank M&A advisory firms nationwide according to S&P Global, as ranked by the total number of whole-bank M&A transactions the firm has advised upon over the last three years.