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Highlights

  • The acquisition expands Bank First’s footprint into southern Wisconsin and northern Illinois markets.
  • Combined assets will total approximately USD 5.91 billion with deposits of about USD 4.89 billion post-merger.
  • Centre shareholders will receive 0.9200 shares of Bank First stock for each Centre share held.

Bank First Corporation (Nasdaq: BFC), the holding company of Bank First, N.A., has entered into a definitive agreement to acquire Centre 1 Bancorp, Inc., parent company of The First National Bank and Trust Company. The all-stock transaction is valued at approximately USD 174.3 million, based on Bank First’s closing share price of USD 125.78 as of July 17, 2025.

Under the terms of the merger agreement, Centre shareholders will receive 0.9200 shares of Bank First common stock for each Centre share. Following the transaction, the combined company is expected to hold approximately USD 5.91 billion in total assets, USD 4.58 billion in loans, and USD 4.89 billion in deposits, based on June 30, 2025 financials. The deal will also mark Bank First’s first out-of-state expansion, extending its reach into northern Illinois.

First National Bank and Trust, with USD 1.55 billion in assets and USD 994.9 million in loans as of June 30, 2025, will bring additional capacity and market presence to Bank First. The transaction combines two community-oriented institutions that each hold over 25 percent of deposits in non-interest-bearing checking accounts—above the industry average.

Bank First customers will gain access to expanded services including wealth management through First National Bank and Trust. Centre shareholders and customers will also benefit from Bank First’s 40 percent stake in Ansay & Associates, an independent insurance agency offering a range of solutions.

The boards of directors of both companies have approved the agreement. Pending regulatory and Centre shareholder approval, the transaction is expected to close in the first quarter of 2026, with system integration anticipated in the second quarter.