Bank First Corporation Signs Definitive Agreement to Acquire Centre 1 Bancorp, Inc.

Rhea-AI Summary

Bank First Corporation (Nasdaq: BFC) has announced a definitive agreement to acquire Centre 1 Bancorp in an all-stock transaction valued at $174.3 million. Under the agreement, Centre shareholders will receive 0.9200 shares of Bank First common stock for each Centre share.

The merger will create a combined institution with approximately $5.91 billion in total assets, $4.58 billion in loans, and $4.89 billion in deposits. This strategic move marks Bank First's first out-of-state expansion into southern Wisconsin and northern Illinois markets. The transaction is expected to close in Q1 2026, with system conversion anticipated in Q2 2026.

Post-merger, Centre's CEO Steve Eldred will join Bank First's Board of Directors. The combined entity will benefit from enhanced lending capacity, expanded wealth management services, and Bank First's 40% ownership in Ansay & Associates insurance agency.

Positive

• Strategic expansion into new markets in southern Wisconsin and northern Illinois
• Combined assets increase to $5.91 billion, enhancing lending capacity
• Both banks maintain over 25% of deposits in non-interest-bearing checking accounts (above 20% industry average)
• Complementary business lines with addition of wealth management services and insurance offerings
• All-stock transaction structure preserves capital

Negative

• Integration risks across state lines for Bank First's first out-of-state expansion
• Extended timeline with closing in Q1 2026 and system conversion in Q2 2026
• Potential cultural integration challenges between two long-standing community institutions

Highlights of the Announced Transaction

• 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.
• 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.
• 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.
• Enhanced Shareholder Value. Delivers long-term value through combined financial strength and a shared focus on disciplined growth and relationship-based banking.

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.

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.

Bank First customers will benefit from access to First National Bank and Trust's wealth management services, further enriching the value Bank First provides. Bank First remains dedicated to delivering the personalized service its customers trust while continuing First National Bank and Trust's proud tradition of giving back and strengthening the communities it serves. Centre shareholders and customers will benefit from Bank First's 40% ownership interest in Ansay & Associates, an independent insurance agency providing integrated insurance, risk management, and benefit solutions to businesses, families, and individuals.

Mike Molepske, Chairman and Chief Executive Officer of Bank First, stated, "This partnership brings together two long-standing, community-focused institutions united by a shared commitment to responsive, relationship-based banking. The combination of our organizations enhances our ability to serve customers across Wisconsin and northern Illinois with greater capabilities and expanded resources."

"Joining forces with Bank First allows us to build on a legacy of trust and service while expanding opportunities to care for the communities we serve," stated Steve Eldred, Chairman and Chief Executive Officer of Centre. "This merger reflects a shared promise to remain dependable, approachable, and resilient, all values that have long defined our approach to banking."

Upon completion of the merger, Steve Eldred will join the Board of Directors of Bank First and Bank First, N.A.

The Boards of Directors of Bank First and Centre have approved the Agreement and Plan of Merger. Subject to customary closing conditions, regulatory approval, and approval by Centre's shareholders, the transaction's closing is expected to occur in the first quarter of 2026. The system conversion is anticipated in the second quarter of 2026.

As of June 30, 2025, First National Bank and Trust Company had approximately $1.55 billion in consolidated assets, $994.9 million in gross loans, $1.29 billion in deposits, and $112.6 million in consolidated stockholders' equity. Based on the financial results as of June 30, 2025, the combined company will have total assets of approximately $5.91 billion, loans of approximately $4.58 billion and deposits of approximately $4.89 billion.

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.

Bank First Corporation and Bank First, N.A.
Bank First Corporation is the holding company for Bank First, N.A., a relationship-focused financial institution headquartered in Manitowoc, Wisconsin. With total assets of approximately $4.4 billion, the bank offers a comprehensive range of financial services, including commercial, mortgage, and consumer lending, as well as various deposit and savings options. It primarily serves customers throughout central and northeastern Wisconsin. Founded in 1894, the institution has a long-standing history of supporting the communities it serves. For more information, visit www.bankfirst.com.

About Centre 1 Bancorp, Inc. and The First National Bank and Trust Company
Centre 1 Bancorp, Inc. is the holding company of The First National Bank and Trust Company, a family-owned community bank headquartered in Beloit, Wisconsin. Chartered in 1882, First National Bank and Trust Company serves customers across southern Wisconsin and northern Illinois with a strong commitment to full-service banking, investments, asset management, and exceptional service. Its dedication to delivering Sound Advice has helped position the bank as a trusted leader in the Stateline region. For additional information, visit www.bankatfirstnational.com.

For further information, contact:
Deb Weyker, SVP Marketing
Phone: (920) 652-3274; Email: dweyker@bankfirst.com
Company Release – 7/18/2025

 

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SOURCE Bank First Corporation

FAQ

What is the value of Bank First's acquisition of Centre 1 Bancorp?

Bank First is acquiring Centre 1 Bancorp in an all-stock transaction valued at $174.3 million, with Centre shareholders receiving 0.9200 shares of Bank First stock for each Centre share.

What will be the total assets of Bank First (BFC) after the Centre 1 acquisition?

Following the merger, the combined company will have total assets of approximately $5.91 billion, with $4.58 billion in loans and $4.89 billion in deposits.

When will Bank First's acquisition of Centre 1 Bancorp close?

The acquisition is expected to close in the first quarter of 2026, with system conversion anticipated in the second quarter of 2026, subject to regulatory and shareholder approvals.

How will the Centre 1 acquisition affect Bank First's market presence?

The acquisition marks Bank First's first out-of-state expansion, extending its footprint into southern Wisconsin and northern Illinois markets, complementing its existing presence without overlap.

What management changes will occur after Bank First acquires Centre 1?

Centre's Chairman and CEO Steve Eldred will join the Board of Directors of both Bank First Corporation and Bank First, N.A. following the merger completion.