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. The all-stock transaction is valued at approximately $174.3 million, based on the closing price of Bank First's common stock as of July 17, 2025.
The merger will increase the combined asset base to nearly $6 billion, with the consolidated company having total assets of approximately $5.91 billion, loans of approximately $4.58 billion, and deposits of approximately $4.89 billion 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 as of June 30, 2025.
Bank First Corporation's customers will benefit from access to First National Bank and Trust's wealth management services, while Centre shareholders and customers will benefit from Bank First's 40% ownership interest in Ansay & Associates, an independent insurance agency.
The transaction is expected to close in the first quarter of 2026, with the system conversion anticipated in the second quarter of 2026.
Piper Sandler & Co. served as the financial advisor to Bank First, and 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. For the full picture, make sure to review Bank First Corp's 8-K report.
