Business
Bank First Corporation Signs Definitive Agreement to Acquire Denmark Bancshares, Inc.
MANITOWOC, Wis. and DENMARK, Wis., Jan. 19, 2022 /PRNewswire/ -- Highlights of the Announced Transaction Aligns with Bank First's strategic growth plans
About this update from Bank First Corporation
[{"type":"text","content":"MANITOWOC, Wis. and DENMARK, Wis., Jan. 19, 2022 /PRNewswire/ -- \nHighlights of the Announced Transaction\nAligns with Bank First's strategic growth plans within the State of Wisconsin Benefits customers of both institutions through an enhanced suite of products and services Companies share a similar relationship-based, community banking philosophy Strengthens Bank First's franchise through greater deposit market share in Northeast Wisconsin Denmark's expertise in agricultural banking, along with Bank First's commitment and scale, will allow the combined organization to better serve farmers across Wisconsin.Bank First Corporation (Nasdaq: BFC) (\"Bank First\" or \"the Company\"), the holding company of Bank First, N.A., announced today the signing of an Agreement and Plan of Merger with Denmark Bancshares, Inc. (OTCQX: DMKBA and DMKBB) (\"Denmark\"), parent company of Denmark State Bank, a Wisconsin state-chartered bank, under which Bank First has agreed to acquire 100% of the common stock of Denmark in a combined stock-and-cash transaction. \nUnder the terms of the Agreement and Plan of Merger, each Denmark shareholder will have the option to receive either $38.10 in cash per share or 0.5276 of a share of Bank First's common stock in exchange for each share of Denmark common stock, subject to customary proration and allocation procedures, such that no less than 80% of Denmark shares will receive stock consideration and no greater than 20% will receive cash consideration. The aggregate consideration is valued at approximately $119 million.\nAs of December 31, 2021, Denmark had approximately $687.6 million in consolidated assets, $479.4 million in gross loans, $614.5 million in deposits and $68.0 million in consolidated stockholders' equity. Based on the financial results as of December 31, 2021, the combined company will have total assets of approximately $3.6 billion, loans of approximately $2.7 billion and deposits of approximately $3.2 billion.\nThe Agreement and Plan of Merger has been approved by the Boards of Directors of Bank First and Denmark. The closing of the transaction, which is targeted to take place early third quarter 2022, is subject to customary closing conditions, including regulatory approval and approval by the shareholders of Denmark and Bank First. \nThe two institutions offer a diverse set of competencie...