Columbus, Miss.-based BankFirst Capital Corp., the parent company of BankFirst Financial Services, agreed to acquire Senatobia, Miss.-based Tate Financial Corp. and its subsidiary, Sycamore Bank.

The transaction is expected to close in the third quarter, subject to customary closing conditions, including approval from Tate Financial shareholders and bank regulatory authorities.

Following the completion of the merger, BankFirst Financial Services will have assets in excess of $2.5 billion and 41 locations serving Mississippi and Alabama. M. J. Tindall Jr., CEO and chairman of Tate Financial and Sycamore Bank, will serve as BankFirst Financial Services' north Mississippi regional executive officer.

As of March 31, BankFirst Capital and Sycamore Bank held approximately $2.0 billion and $330.4 million in total assets, respectively, according to a news release.

In connection with the deal, Olsen Palmer LLC was financial adviser and Hunton Andrews Kurth LLP is legal counsel to BankFirst Capital. Gerrish Smith Tuck PC was financial adviser and legal counsel of Tate Financial, and Southard Financial LLC provided a fairness opinion to the company's board.

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