Bank First Corporation Signs Definitive Agreement to Acquire Centre 1 Bancorp, Inc.
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.
Bank First Corporation (Nasdaq: BFC) ha annunciato un accordo definitivo per acquisire Centre 1 Bancorp tramite una transazione completamente azionaria del valore di 174,3 milioni di dollari. Secondo l'accordo, gli azionisti di Centre riceveranno 0,9200 azioni ordinarie di Bank First per ogni azione di Centre.
La fusione darà vita a un'istituzione combinata con circa 5,91 miliardi di dollari in attività totali, 4,58 miliardi di dollari in prestiti e 4,89 miliardi di dollari in depositi. Questa mossa strategica rappresenta la prima espansione fuori dallo stato di Bank First nei mercati del sud del Wisconsin e del nord dell'Illinois. La transazione è prevista per concludersi nel primo trimestre del 2026, con la conversione del sistema attesa nel secondo trimestre 2026.
Dopo la fusione, il CEO di Centre, Steve Eldred, entrerà a far parte del Consiglio di Amministrazione di Bank First. L'entità combinata beneficerà di una maggiore capacità di prestito, servizi di gestione patrimoniale ampliati e della partecipazione del 40% di Bank First nell'agenzia assicurativa Ansay & Associates.
Bank First Corporation (Nasdaq: BFC) ha anunciado un acuerdo definitivo para adquirir Centre 1 Bancorp en una transacción totalmente accionaria valorada en 174,3 millones de dólares. Según el acuerdo, los accionistas de Centre recibirán 0,9200 acciones ordinarias de Bank First por cada acción de Centre.
La fusión creará una institución combinada con aproximadamente 5,91 mil millones de dólares en activos totales, 4,58 mil millones en préstamos y 4,89 mil millones en depósitos. Este movimiento estratégico marca la primera expansión fuera del estado de Bank First hacia los mercados del sur de Wisconsin y el norte de Illinois. Se espera que la transacción se cierre en el primer trimestre de 2026, con la conversión del sistema prevista para el segundo trimestre de 2026.
Después de la fusión, el CEO de Centre, Steve Eldred, se unirá al Consejo de Administración de Bank First. La entidad combinada se beneficiará de una mayor capacidad de préstamo, servicios ampliados de gestión patrimonial y la participación del 40% de Bank First en la agencia de seguros Ansay & Associates.
Bank First Corporation (나스닥: BFC)는 Centre 1 Bancorp를 총 1억 7,430만 달러 규모의 전액 주식 거래로 인수하기 위한 최종 계약을 발표했습니다. 계약에 따라 Centre 주주들은 Centre 주식 1주당 Bank First 보통주 0.9200주를 받게 됩니다.
이번 합병으로 총 자산 약 59억 1천만 달러, 대출금 약 45억 8천만 달러, 예금 약 48억 9천만 달러 규모의 통합 기관이 탄생합니다. 이번 전략적 움직임은 Bank First가 위스콘신 남부 및 일리노이 북부 시장으로 첫 주외 확장을 하는 것입니다. 거래는 2026년 1분기에 완료될 예정이며, 시스템 전환은 2026년 2분기에 이루어질 것으로 예상됩니다.
합병 후 Centre의 CEO인 Steve Eldred가 Bank First 이사회에 합류할 예정입니다. 통합 법인은 대출 능력 강화, 확대된 자산 관리 서비스, Bank First가 40% 지분을 보유한 Ansay & Associates 보험 대리점의 이점을 누리게 됩니다.
Bank First Corporation (Nasdaq : BFC) a annoncé un accord définitif pour acquérir Centre 1 Bancorp dans le cadre d'une transaction entièrement en actions d'une valeur de 174,3 millions de dollars. Selon l'accord, les actionnaires de Centre recevront 0,9200 action ordinaire de Bank First pour chaque action Centre.
La fusion créera une institution combinée avec environ 5,91 milliards de dollars d'actifs totaux, 4,58 milliards de prêts et 4,89 milliards de dépôts. Cette démarche stratégique marque la première expansion hors de l'État de Bank First dans les marchés du sud du Wisconsin et du nord de l'Illinois. La transaction devrait être finalisée au premier trimestre 2026, avec une conversion du système prévue au deuxième trimestre 2026.
Après la fusion, le PDG de Centre, Steve Eldred, rejoindra le conseil d'administration de Bank First. L'entité combinée bénéficiera d'une capacité de prêt accrue, de services élargis de gestion de patrimoine et de la participation de 40 % de Bank First dans l'agence d'assurance Ansay & Associates.
Bank First Corporation (Nasdaq: BFC) hat eine endgültige Vereinbarung zur Übernahme von Centre 1 Bancorp in einer reinen Aktientransaktion im Wert von 174,3 Millionen US-Dollar bekannt gegeben. Gemäß der Vereinbarung erhalten die Aktionäre von Centre für jede Centre-Aktie 0,9200 Bank First Stammaktien.
Die Fusion wird ein kombiniertes Institut mit etwa 5,91 Milliarden US-Dollar an Gesamtvermögen, 4,58 Milliarden US-Dollar an Krediten und 4,89 Milliarden US-Dollar an Einlagen schaffen. Dieser strategische Schritt markiert die erste Expansion von Bank First außerhalb des Bundesstaates in die Märkte im südlichen Wisconsin und nördlichen Illinois. Der Abschluss der Transaktion wird für das erste Quartal 2026 erwartet, die Systemumstellung ist für das zweite Quartal 2026 geplant.
Nach der Fusion wird Steve Eldred, CEO von Centre, dem Vorstand von Bank First beitreten. Das kombinierte Unternehmen wird von erhöhter Kreditkapazität, erweiterten Vermögensverwaltungsdiensten und dem 40%-Anteil von Bank First an der Versicherungsgesellschaft Ansay & Associates profitieren.
- 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
- 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
Insights
Bank First's $174.3M acquisition of Centre 1 expands into Illinois, grows assets to $5.91B, and enhances capabilities while maintaining community focus.
This all-stock transaction values Centre 1 Bancorp at approximately
The merger combines two deposit franchises with remarkably strong non-interest-bearing checking account positions - both maintain over
Post-merger, the combined entity will hold approximately
The transaction structure as an all-stock deal suggests confidence in the combined entity's future performance. The deal includes Centre's CEO joining Bank First's board, indicating commitment to preserving Centre's leadership insights and community connections. The cross-selling opportunities are notable, with Bank First customers gaining access to First National's wealth management services, while Centre's customers benefit from Bank First's
With regulatory approvals pending, the transaction is expected to close in Q1 2026, with systems integration following in Q2 2026 - a timeline suggesting a measured approach to integration that prioritizes operational stability.
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 northernIllinois , 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 - Enhanced Shareholder Value. Delivers long-term value through combined financial strength and a shared focus on disciplined growth and relationship-based banking.
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
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
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
"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
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
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
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
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