Bank First has agreed to acquire rival Wisconsin-based bank holding company Centre 1 Bancorp in an all-stock deal worth around $174.3m.
Centre 1 Bancorp is the parent company of First National Bank and Trust, while the Nasdaq-listed Bank First Bank is the holding company for Bank First, N.A.
Bank First, N.A., which is located in Manitowoc, Wisconsin, provides various financial services primarily in central and northeastern Wisconsin. It has been operating since 1894.
First National Bank and Trust, which is based in Beloit, Wisconsin, has been delivering banking services across southern Wisconsin and northern Illinois since its founding in 1882.
As of 30 June 2025, First National Bank and Trust reported consolidated assets of approximately $1.55bn and deposits totalling $1.29bn. Bank First, N.A. holds total assets of around $4.4bn.
This all-stock transaction involves Centre 1 Bancorp shareholders receiving 0.92 shares of Bank First’s common stock for each share of Centre 1 Bancorp’s common stock.
The deal expands Bank First’s presence into southern Wisconsin and northern Illinois, representing its first out-of-state expansion into markets that complement its current operations.
The combined entity will boast nearly $6bn in assets, increasing lending capacity and service capabilities. This alignment is designed to deliver long-term shareholder value by leveraging financial strength and commitment to relationship-based banking.
Bank First chairman and CEO Mike Molepske said: “This partnership brings together two long-standing, community-focused institutions united by a shared commitment to responsive, relationship-based banking. The combination of our organisations enhances our ability to serve customers across Wisconsin and northern Illinois with greater capabilities and expanded resources.”
The boards of both companies have approved the merger. It now awaits regulatory approval, customary closing conditions, and a vote by Centre 1 Bancorp’s shareholders.
The transaction is expected to close in Q1 2026, with system integration planned for the second quarter. This merger aims to enhance services for customers, with Bank First set to gain access to wealth management services offered by First National Bank and Trust.
Centre 1 Bancorp chairman and CEO Steve Eldred said: “Joining forces with Bank First allows us to build on a legacy of trust and service while expanding opportunities to care for the communities we serve.
“This merger reflects a shared promise to remain dependable, approachable, and resilient, all values that have long defined our approach to banking.”
Separately, Bank First reported a net income of $16.9m for Q2 2025, surpassing the previous year’s figure of $16.1m for the same period. For the first half of 2025, earnings reached $35.1m compared to $31.5m during the same period in 2024.
