Bank First Corp., the holding company of Bank First N.A., announced the signing of an Agreement and Plan of Merger with Centre 1 Bancorp Inc., parent company of The First National Bank and Trust Company, a nationally chartered bank, under which Bank First has agreed to acquire 100% of the common stock of Centre in an all-stock transaction.
Under the terms of the Agreement and Plan of Merger, each Centre shareholder will have the right to receive 0.9200 of a share of Bank First's common stock in exchange for each share of Centre common stock. The aggregate consideration is valued at approximately $174.3 million, based on the closing price of Bank First common stock as of July 17, 2025 of $125.78 per share.
Bank First customers will benefit from access to First National Bank and Trust's wealth management services, further enriching the value Bank First provides. Bank First remains dedicated to delivering the personalized service its customers trust while continuing First National Bank and Trust's proud tradition of giving back and strengthening the communities it serves. Centre shareholders and customers will benefit from Bank First's 40% ownership interest in Ansay & Associates, an independent insurance agency providing integrated insurance, risk management and benefit solutions to businesses, families and individuals.
Mike Molepske, Chairman and CEO of Bank First, stated, "This partnership brings together two long-standing, community-focused institutions united by a shared commitment to responsive, relationship-based banking. The combination of our organizations enhances our ability to serve customers across Wisconsin and northern Illinois with greater capabilities and expanded resources."
"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," stated Steve Eldred, Chairman and CEO of Centre. "This merger reflects a shared promise to remain dependable, approachable, and resilient, all values that have long defined our approach to banking."
Upon completion of the merger, Steve Eldred will join the Board of Directors of Bank First and Bank First N.A.
The Boards of Directors of Bank First and Centre have approved the Agreement and Plan of Merger. Subject to customary closing conditions, regulatory approval and approval by Centre's shareholders, the transaction's closing is expected to occur in the first quarter of 2026. The system conversion is anticipated in the second quarter of 2026.
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. Based on the financial results as of June 30, 2025, 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.
Piper Sandler & Co. served as financial advisor to Bank First, and Alston & Bird LLP served as legal counsel. Hovde Group, LLC served as financial advisor to Centre and Barack Ferrazzano Kirschbaum & Nagelberg LLP served as legal counsel.