Bank First Corporation announced it has signed an agreement to acquire PSB Holdings, Inc., the parent company of Peoples State Bank, in an all-stock transaction valued at approximately $202.9 million. The deal combines two Wisconsin-based community banking institutions and expands Bank First’s presence across North Central Wisconsin and the greater Milwaukee area.
Under the terms of the merger agreement, each PSB Holdings shareholder will receive 0.3470 shares of Bank First common stock for each share of Peoples common stock held. The transaction value is based on Bank First’s May 18, 2026 closing stock price of $143.66 per share. PSB Holdings shareholders are expected to receive a market premium of more than 80%.
The acquisition will increase the combined company’s assets to more than $7.6 billion, including approximately $5.64 billion in loans and $6.27 billion in deposits based on financial results as of March 31, 2026. Peoples reported approximately $1.50 billion in consolidated assets, $1.12 billion in net loans, and $1.19 billion in deposits at the end of the first quarter.
The merger expands Bank First’s geographic footprint into several strategic Wisconsin markets while adding Peoples’ branch network across Marathon, Oneida, Vilas, Portage, Milwaukee, and Waukesha counties. The companies said the combined organization will offer expanded lending capacity, treasury management services, digital banking capabilities, and broader financial products for customers.
Bank First stated that the transaction aligns with its strategy of relationship-based community banking and disciplined regional expansion. Peoples customers are expected to gain access to enhanced digital banking solutions and a wider suite of banking services while maintaining local decision-making capabilities.
The boards of directors of both companies unanimously approved the merger agreement. The transaction remains subject to regulatory approvals, customary closing conditions, and approval from PSB Holdings shareholders. Closing and systems conversion are expected during the fourth quarter of 2026.
Piper Sandler & Co. served as financial advisor to Bank First, while Alston & Bird LLP acted as legal counsel. Raymond James & Associates served as financial advisor to Peoples, and Boardman Clark LLP acted as legal counsel.
Bank First Corporation is headquartered in Manitowoc, Wisconsin, and operates approximately 38 banking locations across Wisconsin and Illinois. Peoples State Bank is headquartered in Wausau, Wisconsin, and operates 12 full-service banking locations throughout Wisconsin.
KEY QUOTES:
“This partnership brings together two organizations that believe deeply in relationship-based banking and the role community banks play in helping people, businesses, and communities succeed. Over time, our leadership teams have remained connected and observed one another’s growth. It became clear that our philosophies and values align, and the timing was right to bring our organizations together in a way that strengthens both while expanding into markets where we can make a meaningful impact.”
Mike Molepske, Chairman and Chief Executive Officer, Bank First
“Bank First is an ideal partner for Peoples, bringing scale, expanded capabilities, a people-centered culture, and a shared commitment to putting customers first. This merger allows us to build on the relationships we have established while providing customers with enhanced digital banking solutions, a broader range of products and services, and continued local decision making. Just as importantly, it creates new opportunities for our employees and strengthens our ability to serve our communities for years to come.”
Scott Cattanach, President and Chief Executive Officer, Peoples State Bank
