Bank First Corp., the holding company of Bank First N.A., announced that it has entered into an Agreement and Plan of Merger with PSB Holdings Inc. ("Peoples"), parent company of Peoples State Bank, a Wisconsin state-chartered bank, under which Bank First will acquire 100% of the common stock of Peoples in an all-stock transaction.
Under the terms of the Agreement and Plan of Merger, each Peoples shareholder will have the right to receive 0.3470 of a share of Bank First's common stock in exchange for each share of Peoples common stock. The aggregate consideration is valued at approximately $202.9 million, based on the closing price of Bank First common stock as of May 18, 2026, of $143.66 per share.
The partnership brings together two organizations with shared values, strong customer relationships, and a commitment to community banking. Bank First expands into attractive markets across North Central Wisconsin and the greater Milwaukee area, with a complementary branch network, while Peoples benefits from the scale, resources and technology of a larger institution without sacrificing local decision making or its community-focused culture.
Customers of both banks will have access to expanded products, services and capabilities. Peoples customers gain access to Bank First's advanced digital banking solutions, strong retail offerings, and a broader suite of Treasury Management products and services. Bank First customers benefit from Peoples' experienced team, strong local presence and award-winning service culture.
Mike Molepske, Chairman and Chief Executive Officer of Bank First, stated, "This partnership brings together two organizations that believe deeply in relationship-based banking and the role community banks play in helping people, businesses, and communities succeed. Over time, our leadership teams have remained connected and observed one another's growth. It became clear that our philosophies and values align, and the timing was right to bring our organizations together in a way that strengthens both while expanding into markets where we can make a meaningful impact."
"Bank First is an ideal partner for Peoples, bringing scale, expanded capabilities, a people-centered culture, and a shared commitment to putting customers first," stated Scott Cattanach, President and Chief Executive Officer of Peoples. "This merger allows us to build on the relationships we have established while providing customers with enhanced digital banking solutions, a broader range of products and services, and continued local decision making. Just as importantly, it creates new opportunities for our employees and strengthens our ability to serve our communities for years to come."
The Boards of Directors of Bank First and Peoples have approved the Agreement and Plan of Merger. Subject to customary closing conditions, regulatory approval, and approval by Peoples' shareholders, the transaction's closing and systems conversion are expected to occur in the fourth quarter of 2026.
As of March 31, 2026, Peoples had approximately $1.5 billion in consolidated assets, $1.12 billion in net loans, $1.19 billion in deposits, and $133.87 million in consolidated stockholders' equity. Based on the financial results as of March 31, 2026, the combined company, including Bank First's recent acquisition of Centre 1 Bancorp Inc., which closed on Jan. 1, 2026, will have total assets of approximately $7.6 billion, loans of approximately $5.64 billion, and deposits of approximately $6.27 billion.
Piper Sandler & Co. served as financial advisor to Bank First, and Alston & Bird LLP served as legal counsel. Raymond James & Associates, Inc. served as financial advisor to Peoples, and Boardman Clark LLP served as legal counsel.