Bank First Corporation (NASDAQ: BFC) has announced the signing of an agreement and plan of merger with Centre 1 Bancorp, Inc., the parent company of the First National Bank and Trust Company. The merger involves an all-stock transaction valued at approximately $174.3 million based on the closing price of Bank First common stock as of July 17, 2025, which was $125.78 per share.
The merger will result in an expanded financial capacity, increasing the combined asset base to nearly $6 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. Following the merger, the combined company is expected to have total assets of approximately $5.91 billion, loans of approximately $4.58 billion, and deposits of approximately $4.89 billion.
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, subject to customary closing conditions, regulatory approval, and approval by Centre’s shareholders, 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. Upon completion of the merger, Steve Eldred, the chairman and chief executive officer of Centre, will join the board of directors of Bank First and Bank First, N.A.
This merger represents a strategic move by Bank First Corporation to expand its footprint into relationship-oriented communities in southern Wisconsin and northern Illinois. It aligns two strong organizations in high-potential, relationship-driven markets and supports long-term value creation for customers, employees, and their communities. Following these announcements, the company's shares moved 0.31%, and are now trading at a price of $126.17. If you want to know more, read the company's complete 8-K report here.
