Business
Bank First Corporation Signs Definitive Agreement to Acquire Hometown Bancorp, Ltd
Highlights of the Announced Transaction Both companies share a relationship-based philosophy focused on providing personalized products and services to the
About this update from Bank First Corporation
[{"type":"text","content":"Highlights of the Announced Transaction\nBoth companies share a relationship-based philosophy focused on providing personalized products and services to the communities they serve.Strengthens Bank First's franchise through a larger branch network and greater market share in central Wisconsin.The combined organization's scale will increase lending capacity to Hometown customers, allowing its team of bankers to service larger relationships at the local level.Leverages the operational strengths of both institutions, increasing shareholder value.Tim McFarlane, President & CEO of Hometown, to join Bank First as President and will join the Board of Directors of Bank First, N.A. He will also be nominated to the Bank First Corporation Board of Directors.MANITOWOC, Wis. and FOND DU LAC, Wis., July 26, 2022 /PRNewswire/ -- 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 Hometown Bancorp, Ltd. (\"Hometown\"), parent company of Hometown Bank, a Wisconsin state-chartered bank, under which Bank First has agreed to acquire 100% of the common stock of Hometown in a combined stock-and-cash transaction.\nUnder the terms of the Agreement and Plan of Merger, each Hometown shareholder will have the option to receive either $29.16 in cash or 0.3962 of a share of Bank First's common stock in exchange for each share of Hometown common stock, subject to customary proration and allocation procedures, such that no less than 70% of Hometown shares will receive stock consideration and no greater than 30% will receive cash consideration. The aggregate consideration is valued at approximately $124 million, based on the closing price of Bank First common stock as of July 22, 2022 of $75.23 per share.\nBank First's focus on providing innovative products and services will allow the customers of Hometown to benefit from a wide array of retail banking products and loan programs tailored to the unique needs of each individual or family.\nHometown shareholders and customers will also benefit from Bank First's 49.8% ownership of UFS, LLC, a bank technology outfitter, which provides digital, core, cybersecurity, managed IT, and cloud services to banks in the Midwest. Bank First's relationship with UFS creates opportunities to access th...