Bank First Corporation Confirms Acquisition Milestone
Bank First Corporation (NASDAQ: BFC) has successfully completed its acquisition of Centre 1 Bancorp, Inc., the parent company of The First National Bank and Trust Company. This significant milestone represents the joining of two relationship-focused institutions aimed at enhancing their offer to customers.
Enhancing Banking Services and Capabilities
This acquisition allows Bank First to diversify and broaden its services, now incorporating advanced trust and wealth management options through the talented team from First National Bank and Trust. With the integration of these services, customers are set to benefit from a wider array of wealth planning, trust administration, and investment management services tailored to meet their unique needs.
Continuity During Transition
First National Bank and Trust will continue operating under its name as a division of Bank First until the planned system conversion takes place. This conversion is scheduled for May 2026, at which point all locations will adopt the Bank First branding along with its cutting-edge digital banking services. Customers can expect to engage with familiar local teams during this transition, ensuring that the personalized service continues without disruption.
Strengthening Market Presence
The merger expands Bank First's presence to encompass 38 branch locations across Wisconsin and parts of Illinois, contributing to a robust asset portfolio of around $6 billion. This growth not only enhances the bank's capability to serve its individual and business clients but also fortifies its commitment to the communities in which it operates.
Leadership Insights
Mike Molepske, Chairman and CEO of Bank First, expressed enthusiasm about this partnership, stating, "Bringing together these two institutions enhances our collaborative efforts in delivering responsive, relationship-driven banking services. Our combined strengths will significantly benefit our customers throughout Wisconsin and Illinois."
Board of Directors Expansion
As part of the acquisition, Steve Eldred, formerly the Chairman and CEO of Centre, will join the Board of Directors of Bank First and its banking subsidiary, Bank First, N.A. This inclusion aims to bolster the governance and strategic direction of the unified organization.
Advisory Teams Behind the Acquisition
Piper Sandler & Co. provided financial advisory services to Bank First during this transaction, supported by legal counsel from Alston & Bird LLP. Meanwhile, Hovde Group, LLC acted as the financial advisor for Centre, with legal advice from Barack Ferrazzano Kirschbaum & Nagelberg LLP, underpinning the structured approach to this significant merger.
Frequently Asked Questions
What is the main purpose of the acquisition?
The acquisition aims to expand Bank First's services by incorporating trust and wealth management, enhancing customer support across Wisconsin and Illinois.
Will First National Bank and Trust change its name?
No, First National Bank and Trust will continue to operate under its existing name until the brand transition scheduled for May 2026.
How many branches will Bank First operate post-acquisition?
After the merger, Bank First will have 38 branch locations across Wisconsin and Illinois.
Who will join the Bank First Board of Directors?
Steve Eldred, formerly the CEO of Centre, will join the Board of Directors of Bank First as part of the acquisition.
Which firms advised on the acquisition?
Piper Sandler & Co. advised Bank First, while Hovde Group, LLC served as the financial advisor for Centre, with legal teams from Alston & Bird LLP and Barack Ferrazzano Kirschbaum & Nagelberg LLP.
