Bank First Acquires Centre 1 Bancorp in $174.3 Million Deal, Expanding Reach in Wisconsin and Illinois

Bank First Corporation is acquiring Centre 1 Bancorp in an all-stock transaction valued at $174.3 million. The merger will expand Bank First's reach into southern Wisconsin and northern Illinois, creating a combined entity with approximately $5.91 billion in total assets. The transaction is expected to close in Q1 2026, with system conversion in Q2 2026. Post-merger, Centre 1 Bancorp's CEO will join Bank First's board of directors.

Bank First Corporation (Nasdaq: BFC) has announced the signing of an Agreement and Plan of Merger with Centre 1 Bancorp, Inc. (Centre), marking a significant expansion into southern Wisconsin and northern Illinois. The all-stock transaction, valued at approximately $174.3 million, is expected to close in the first quarter of 2026, with system conversion anticipated in the second quarter [1].

The merger will combine Bank First's strong community bank presence with Centre's deep roots in southern Wisconsin and northern Illinois. This strategic geographic alignment will enhance Bank First's ability to serve customers in high-potential, relationship-driven markets without overlap. The combined entity will have a total asset base of approximately $5.91 billion, significantly expanding Bank First's financial capacity and lending capabilities [1].

The transaction is structured as an all-stock deal, with Centre shareholders receiving 0.9200 of a share of Bank First's common stock for each share of Centre common stock. This exchange 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 [1].

Upon completion of the merger, Centre's CEO, Steve Eldred, will join Bank First's Board of Directors. The move is expected to deliver long-term value through combined financial strength and a shared focus on disciplined growth and relationship-based banking [1].

The merger is subject to customary closing conditions, regulatory approval, and approval by Centre's shareholders. Piper Sandler & Co. served as financial advisor to Bank First, while Alston & Bird LLP acted as legal counsel. Hovde Group, LLC served as financial advisor to Centre, and Barack Ferrazzano Kirschbaum & Nagelberg LLP served as legal counsel [1, 2].

References:
[1] https://www.prnewswire.com/news-releases/bank-first-corporation-signs-definitive-agreement-to-acquire-centre-1-bancorp-inc-302508453.html
[2] https://www.marketscreener.com/news/bank-first-corporation-entered-into-an-agreement-and-plan-of-merger-to-acquire-centre-1-bancorp-inc-ce7c5cdfd989f22d