Bank First Corporation to Acquire Centre 1 Bancorp: Merging Community Banking Strengths
Bank First Corporation Signs Agreement to Acquire Centre 1 Bancorp, Inc.
In a strategic move to reinforce its customer-centric banking services, Bank First Corporation, headquartered in Manitowoc, Wisconsin, has officially signed a definitive agreement to acquire Centre 1 Bancorp, Inc. This merger aims to unify two robust community banks, allowing for enhanced service delivery and operational synergy.
Highlights of the Transaction
The merger will combine two relationship-driven deposit franchises deeply rooted in their communities, each with a strong emphasis on personalized banking solutions. Notably, both Bank First and Centre hold a substantial proportion of deposits in non-interest-bearing checking accounts, significantly surpassing the industry average of less than 20%. This reflects a strong, stable rapport they maintain with their customers.
The acquisition is strategically aligned, enabling Bank First to extend its reach into southern Wisconsin and northern Illinois, marking its inaugural out-of-state venture. This expansion not only introduces Bank First to new relationship-oriented markets but also complements its pre-existing presence, fostering a robust foundation for sustained growth.
As part of the merger, the combined asset base will rise to nearly $6 billion, unlocking greater lending capacities and expanding service capabilities. These enhancements are expected to generate a wealth of opportunities, benefiting individuals, businesses, and the communities both banks serve.
Financial Implications
Under the merger terms, Centre shareholders will exchange their shares for 0.9200 shares of Bank First common stock, with the total transaction valued around $174.3 million, based on the stock's valuation prior to the announcement. This acquisition is not just about numbers; it signifies the two institutions' shared commitment to providing community-driven financial solutions and bolstering customer relationships.
Bank First customers will gain access to wealth management services through First National Bank and Trust, further elevating the bank's value proposition. The merger reaffirms Bank First's dedication to personalized service and its ongoing engagement in community upliftment.
Leadership Perspectives
Mike Molepske, Bank First's Chairman and CEO, remarked, "This partnership brings together two long-standing, community-focused institutions united by a shared commitment to responsive, relationship-based banking. Our combined strengths will enhance our ability to serve customers across Wisconsin and northern Illinois with greater capabilities and expanded resources."
Steve Eldred, Chairman and CEO of Centre, echoed these sentiments, stating, "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. 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, expected in the first quarter of 2026, Steve Eldred will join the Board of Directors of Bank First, ensuring continued leadership from both organizations.
Robust Future Ahead
As of June 30, 2025, First National Bank and Trust boasts approximately $1.55 billion in consolidated assets and $1.29 billion in deposits. These figures project that upon completion of the merger, the combined entity will command approximately $5.91 billion in assets and $4.89 billion in deposits, creating a more formidable institution in the banking sector.
In conclusion, the merger of Bank First Corporation and Centre 1 Bancorp signifies a monumental step toward developing a more robust, customer-centric banking approach. It establishes a solid foundation for future growth and long-term value creation, further enhancing the community banking landscape for the customers and communities they serve.