Bank First Corporation (NASDAQ: BFC) has announced a definitive agreement to acquire Centre 1 Bancorp, Inc., the parent company of First National Bank and Trust Company, in an all-stock transaction. Under the terms of the agreement, each Centre shareholder will receive 0.9200 of a share of Bank First's common stock in exchange for each share of Centre common stock, with the aggregate consideration valued at approximately $174.3 million.
This move is set to combine two relationship-driven deposit franchises with deep community roots, with both institutions maintaining over one-quarter of deposits in non-interest-bearing checking accounts, significantly above the industry average of under 20%.
Upon completion of the merger, the combined company will have total assets of approximately $5.91 billion, loans of approximately $4.58 billion, and deposits of approximately $4.89 billion. This represents a significant increase from First National Bank and Trust Company's financials as of June 30, 2025, which reported approximately $1.55 billion in consolidated assets, $994.9 million in gross loans, $1.29 billion in deposits, and $112.6 million in consolidated stockholders' equity.
The transaction is expected to close in the first quarter of 2026, with the system conversion anticipated in the second quarter of 2026.
Bank First Corporation was advised by Piper Sandler & Co. and represented by Alston & Bird LLP, while Hovde Group, LLC served as the financial advisor to Centre, with legal counsel provided by Barack Ferrazzano Kirschbaum & Nagelberg LLP.
The partnership between Bank First Corporation and Centre 1 Bancorp, Inc. is expected to enhance the combined financial capacity, unlocking greater lending capacity, expanding service capabilities, and creating more opportunities to support the individuals, businesses, and communities they serve. The market has reacted to these announcements by moving the company's shares 0.27% to a price of $126.12. Check out the company's full 8-K submission here.
