Bank First Corporation Announces Completion of Centre 1 Bancorp, Inc. Acquisition
Rhea-AI Summary
Bank First Corporation (Nasdaq: BFC) announced on Jan 2, 2026 that it has completed the acquisition of Centre 1 Bancorp, parent of The First National Bank and Trust Company.
Effective immediately, Bank First is adding trust and wealth management services and integrating First National Bank and Trust personnel. The combined company will operate 38 branches across Wisconsin and the Stateline area of Illinois and hold approximately $6 billion in assets. First National Bank and Trust will remain a division until a planned system conversion in May 2026, when locations will transition to the Bank First brand and digital platform. Centre CEO Steve Eldred will join Bank First's board.
Positive
- Added trust and wealth services expanding product offerings
- 38 branch network across WI and Stateline IL
- Combined balance sheet of approximately $6 billion
- Centre CEO Steve Eldred joining the board enhances governance continuity
Negative
- Planned system conversion in May 2026 carries integration and service-disruption risk
News Market Reaction 1 Alert
On the day this news was published, BFC declined 0.98%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
BFC was down 1.04% pre-news, similar to peers like WABC (-1.28%) and HOPE (-1.26%), indicating broader regional bank softness rather than a stock-specific pre-move.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Oct 21 | Q3 2025 earnings | Positive | +2.2% | Stronger Q3 2025 net income and margins with dividend declaration. |
| Oct 16 | Regulatory approval | Positive | -0.1% | Regulatory approvals received to proceed with Centre 1 Bancorp merger. |
| Jul 18 | Deal announcement | Positive | +0.3% | Definitive agreement for all-stock acquisition of Centre 1 Bancorp. |
| Jul 18 | Q2 2025 earnings | Positive | +0.3% | Improved Q2 2025 earnings and margins with dividends and special payout. |
Recent earnings and acquisition-related announcements have generally seen modestly positive or flat price reactions, with one slight divergence on regulatory approval.
Over the past six months, Bank First reported solid Q2 and Q3 2025 earnings with growing net income and stable asset quality, and advanced its acquisition of Centre 1 Bancorp from a definitive agreement on Jul 18, 2025 to regulatory approval on Oct 16, 2025. Price reactions to these updates were modest, suggesting investors have gradually priced in the transaction. Today’s completion of the Centre acquisition follows this established strategic path and finalizes a previously telegraphed combination.
Market Pulse Summary
This announcement finalizes Bank First’s acquisition of Centre 1 Bancorp, creating a combined institution with 38 branches and roughly $6 billion in assets and adding trust and wealth management capabilities. It follows earlier milestones such as the definitive agreement and regulatory approvals. Investors may track integration progress through the planned May 2026 system conversion, branch rebranding, and how expanded services contribute to earnings and asset growth over time.
AI-generated analysis. Not financial advice.
The closing marks an important milestone in bringing together two relationship-driven organizations. Effective immediately, Bank First is expanding its services to include trust and wealth management, integrating a skilled team from First National Bank and Trust. Customers now have access to a comprehensive suite of wealth planning, trust administration, and investment management services, provided by a team of professionals with deep expertise and a strong commitment to delivering personalized solutions.
First National Bank and Trust will continue to operate as a division of Bank First until the planned system conversion in May 2026. At that time, all locations will transition to the unified Bank First brand and digital banking platform. Throughout this process, customers will continue to work with familiar local teams, ensuring personalized service and a smooth transition as we move forward together.
The combined organization will operate 38 branch locations across
Mike Molepske, Chairman and Chief Executive Officer of Bank First, stated, "This partnership brings together two long-standing, community-focused institutions committed to responsive, relationship-based banking. Together, we strengthen our ability to serve customers across
Following the closing, Steve Eldred, Chairman and Chief Executive Officer of Centre, will join the Board of Directors of Bank First and its banking subsidiary, Bank First, N.A.
Piper Sandler & Co. served as financial advisor to Bank First, and Alston & Bird LLP served as legal counsel. Hovde Group, LLC served as financial advisor to Centre, and Barack Ferrazzano Kirschbaum & Nagelberg LLP served as legal counsel.
Contact:
Bank First: Mike Molepske, Chairman & CEO, mmolepske@bankfirst.com, (920) 652-3202
View original content:https://www.prnewswire.com/news-releases/bank-first-corporation-announces-completion-of-centre-1-bancorp-inc-acquisition-302651392.html
SOURCE Bank First Corporation
FAQ
When did Bank First (BFC) complete the acquisition of Centre 1 Bancorp?
How many branches will Bank First (BFC) operate after the Centre acquisition?
What asset size does Bank First (BFC) report after closing the Centre deal?
When will First National Bank and Trust locations convert to Bank First systems (BFC)?
Will Bank First (BFC) offer new services after the Centre acquisition?
Did any Centre executives join Bank First (BFC) leadership after the deal?
