Business
Bank First Corporation Signs Definitive Agreement to Acquire Centre 1 Bancorp, Inc.
Highlights of the Announced Transaction Combines Two Strong Community Banks. Merges two relationship-driven deposit franchises with deep community roots and
About this update from Bank First Corporation
[{"type":"text","content":"\n Highlights of the Announced Transaction\n \n \n \n Combines Two Strong Community Banks. Merges two relationship-driven deposit franchises with deep community roots and a shared commitment to responsive, solutions-oriented service. Both institutions maintain over one-quarter of deposits in non-interest-bearing checking accounts (significantly above the industry average of under 20%), underscoring the strength and stability of their customer relationships.\n \n Strategic Geographic Alignment. This move expands Bank First's footprint into relationship-oriented communities in southern Wisconsin and northern Illinois, marking its first out-of-state expansion into markets that complement Bank First's existing presence without overlap. This move aligns two strong organizations in high-potential, relationship-driven markets and supports long-term value creation for customers, employees, and their communities.\n \n Expanded Financial Capacity. Increases the combined asset base to nearly $6 billion, unlocking greater lending capacity, expanding service capabilities, and creating more opportunities to support the individuals, businesses, and communities Bank First serves.\n \n Enhanced Shareholder Value. Delivers long-term value through combined financial strength and a shared focus on disciplined growth and relationship-based banking.\n \n \n MANITOWOC, Wis. and BELOIT, Wis., July 18, 2025 /PRNewswire/ -- Bank First Corporation (Nasdaq: BFC) (\"Bank First\"), the holding company of Bank First, N.A., announced today the signing of an Agreement and Plan of Merger with Centre 1 Bancorp, Inc. (\"Centre\"), parent company of The First National Bank and Trust Company (\"First National Bank and Trust\"), a nationally chartered bank, under which Bank First has agreed to acquire 100% of the common stock of Centre in an all-stock transaction.\n \n \n \n \n \n \n \n Under the terms of the Agreement and Plan of Merger, each Centre shareholder will have the right to receive 0.9200 of a share of Bank First's common stock in exchange for each share of Centre common stock. The aggregate consideration is valued at approximately $174.3 million, based on the closing price of Bank First common stock as of July 17, 2025 of $125.78 per share.\n Bank First customers will benefit from access to First National Bank and Trust's wealth management services, furth...