Bank First receives regulatory approval for Centre 1 Bancorp acquisition

MANITOWOC, Wis. - Bank First Corporation (NASDAQ:BFC), a $1.19 billion market cap financial institution currently trading near its InvestingPro Fair Value, has secured all necessary regulatory approvals for its planned acquisition of Centre 1 Bancorp, Inc., the parent company of The First National Bank and Trust, according to a press release statement.

The transaction is scheduled to close on January 1, 2026, pending customary closing conditions and approval from Centre’s shareholders.

Following the merger completion, First National Bank and Trust will initially operate as a division of Bank First until system conversion occurs in the second quarter of 2026. At that time, all First National Bank and Trust offices will fully transition to the Bank First name.

"Receiving regulatory approval allows us to begin the transition toward operating as Bank First, a move that reflects our shared commitment to long-term growth and community-focused banking," said Mike Molepske, Chairman and Chief Executive Officer of Bank First.

Bank First Corporation, headquartered in Manitowoc, Wisconsin, currently holds approximately $4.4 billion in total assets and provides commercial, mortgage, and consumer lending services primarily throughout central and northeastern Wisconsin. The bank has demonstrated strong financial performance, with a 31.7% total return over the past year and has maintained dividend payments for 16 consecutive years. InvestingPro data reveals 8 additional key insights about Bank First’s performance and outlook.

Centre 1 Bancorp’s subsidiary, The First National Bank and Trust Company, has operated since 1882 and serves customers across southern Wisconsin and northern Illinois.

The merger will combine two institutions with regional presences in Wisconsin, expanding Bank First’s service area and customer base in the state. According to InvestingPro analysis, Bank First maintains a strong financial health score of "GOOD," suggesting a solid foundation for this expansion. Analysts have set price targets ranging from $137 to $145, indicating potential upside for the combined entity.

In other recent news, Bank First Corporation announced a significant development by signing a definitive agreement to acquire Centre 1 Bancorp, Inc. The all-stock transaction is valued at approximately $174.3 million, marking a major move for the company. Centre shareholders are set to receive 0.9200 shares of Bank First common stock for each share of Centre common stock. The deal is expected to close in the first quarter of 2026, pending regulatory and shareholder approval.

Additionally, Piper Sandler has raised its price target for Bank First National to $137 from $115. This adjustment follows what Piper Sandler describes as the "largest deal in its history," referring to the acquisition of Centre 1 Bancorp. Piper Sandler maintains a Neutral rating on the stock despite the price target increase. These recent developments are noteworthy for investors keeping an eye on Bank First Corporation.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.