Business
Bank First Signs Definitive Agreement to Acquire Timberwood Bank
MANITOWOC, Wis. and TOMAH, Wis., Nov. 20, 2019 /PRNewswire/ -- Highlights of the Announced Transaction Brings together two strong organizations focused on
About this update from Bank First Corporation
[{"type":"text","content":"MANITOWOC, Wis. and TOMAH, Wis., Nov. 20, 2019 /PRNewswire/ --\nHighlights of the Announced Transaction\nBrings together two strong organizations focused on relationship banking with a shared commitment to the communities they serve Strengthens Bank First's market share in Monroe County Benefits Timberwood Bank customers with enhanced products and services Timberwood Bank's SBA Preferred Lender status enhances the expertise in commercial lending Preserves community banking through continued support of local causes benefitting the local economy Provides greater access to capital to finance additional business growth in TomahBank 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 (the \"Agreement\") with Tomah Bancshares, Inc. (\"Timberwood Bank\"), parent company of Timberwood Bank, a Wisconsin state-chartered bank, under which Timberwood Bank will merge into Bank First in an all-stock transaction. \nUnder the terms of the Agreement, each Timberwood Bank shareholder will receive 5.1445 shares of BFC common stock for each share of Timberwood Bank common stock they own, subject to adjustment in the event that the per share valuations of BFC common stock exceeds or falls below upper or lower bounds, respectively, as defined within the Agreement. The aggregate consideration was originally modeled at approximately $32.6 million but will fluctuate based on the per share valuation of Bank First common stock on the closing date, as defined within the Agreement.\nAs of September 30, 2019, Timberwood Bank had approximately $193 million in consolidated assets, $127 million in net loans, $155 million in consolidated deposits and $20 million in consolidated shareholders' equity. Based on the financial results as of September 30, 2019, the combined company will have total assets of approximately $2.4 billion, net loans of approximately $1.8 billion and deposits of approximately $2.0 billion.\nThe Agreement has been approved by the Boards of Directors of Bank First and Timberwood Bank. The closing of the transaction, which is anticipated to take place in the spring of 2020, is subject to customary conditions, including regulatory approval and approval by Timberwood Bank shareholders. \nWhen combined, the proposed merger will help strengthen bo...