Bank First Corporation, the parent company of Bank First, N.A., has announced a merger agreement to acquire Centre 1 Bancorp, the parent company of The First National Bank and Trust Company, in an all-stock deal valued at about $174.3 million.
Each share of Centre common stock will be exchanged for 0.9200 of a share of Bank First’s common stock, based on a closing price of $125.78 per share on July 17, 2025. This merger will enhance value for customers of both banks, with Bank First clients gaining access to wealth management services from The First National Bank and Trust, while Centre shareholders will benefit from Bank First’s 40% ownership in Ansay & Associates, an independent insurance agency.
Steve Eldred will join the Boards of Directors of both Bank First and Bank First, N.A. The merger has been unanimously approved by both boards and is expected to close in the first quarter of 2026, pending regulatory approval and Centre’s shareholder consent. The system conversion is anticipated to be completed in the second quarter of 2026.
Following the merger, the combined company will have approximately $5.91 billion in total assets, $4.58 billion in loans, and $4.89 billion in deposits.
Advisors: Piper Sandler served as financial advisor and Alston & Bird served as legal counsel to Bank First. Hovde Group served as financial advisor and Barack Ferrazzano Kirschbaum & Nagelberg served as legal counsel to Centre.
KEY QUOTES:
“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 Wisconsin and northern Illinois with greater capabilities and expanded resources.”
Mike Molepske, Chairman and Chief Executive Officer of Bank First
“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.”
Steve Eldred, Chairman and Chief Executive Officer of Centre
