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MANITOWOC, Wis. - Bank First Corporation (NASDAQ:BFC), currently valued at $1.25 billion and trading near its 52-week high of $126.28, announced today it has signed a definitive agreement to acquire Centre 1 Bancorp, Inc., the parent company of The First National Bank and Trust Company, in an all-stock transaction valued at approximately $174.3 million.
Under the terms of the agreement, Centre shareholders will receive 0.9200 shares of Bank First common stock for each share of Centre common stock. The transaction is expected to close in the first quarter of 2026, subject to regulatory approval and Centre shareholder approval. According to InvestingPro, Bank First has demonstrated strong momentum with a 32% return over the past six months, and maintains several positive indicators. Subscribers can access 10+ additional ProTips about BFC’s performance and outlook.
The acquisition marks Bank First’s first expansion outside Wisconsin, extending its footprint into southern Wisconsin and northern Illinois markets. Upon completion, the combined entity will have approximately $5.91 billion in total assets, $4.58 billion in loans, and $4.89 billion in deposits, based on June 30, 2025 financial results. Bank First enters this expansion from a position of financial strength, with InvestingPro analysis showing a GOOD overall financial health score and a 16-year track record of maintaining dividend payments.
First National Bank and Trust, headquartered in Beloit, Wisconsin, reported approximately $1.55 billion in consolidated assets, $994.9 million in gross loans, and $1.29 billion in deposits as of June 30, 2025.
"This partnership brings together two long-standing, community-focused institutions united by a shared commitment to responsive, relationship-based banking," said Mike Molepske, Chairman and Chief Executive Officer of Bank First, in the press release statement.
Following the merger, Centre’s Chairman and CEO Steve Eldred will join Bank First’s board of directors. System conversion is anticipated in the second quarter of 2026.
Piper Sandler & Co. served as financial advisor to Bank First, while Hovde Group, LLC advised Centre on the transaction.
The merger combines two deposit franchises that each maintain over 25% of deposits in non-interest-bearing checking accounts, compared to the industry average of under 20%, according to the company statement.
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