Bank First Corporation (NASDAQ: BFC) has announced the signing of an agreement to acquire Centre 1 Bancorp, Inc., the parent company of the First National Bank and Trust Company. The all-stock transaction values Centre at approximately $174.3 million based on the closing price of Bank First's common stock as of July 17, 2025, which was $125.78 per share.
As of June 30, 2025, First National Bank and Trust Company had 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. After 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 acquisition is expected to expand Bank First's geographic footprint into relationship-oriented communities in southern Wisconsin and northern Illinois, marking its first out-of-state expansion into markets that complement its existing presence without overlap. The move aligns two strong organizations in high-potential, relationship-driven markets and supports long-term value creation for customers, employees, and their communities.
The transaction is subject to customary closing conditions, regulatory approval, and approval by Centre's shareholders, with the closing expected to occur in the first quarter of 2026 and the system conversion anticipated in the second quarter of 2026.
Piper Sandler & Co. served as the financial advisor to Bank First, while Alston & Bird LLP served as legal counsel. Hovde Group, LLC served as the financial advisor to Centre, and Barack Ferrazzano Kirschbaum & Nagelberg LLP served as legal counsel. The market has reacted to these announcements by moving the company's shares 0.31% to a price of $126.17. Check out the company's full 8-K submission here.
