Bank First Acquires Centre 1 Bancorp in $174.3M All-Stock Deal

Bank First is set to acquire Centre 1 Bancorp in an all-stock deal valued at approximately $174.3M. The acquisition will add Centre 1 Bancorp's assets, including The First National Bank, to Bank First's portfolio. The transaction is expected to expand Bank First's presence in the Midwest region. Shares of Bank First were down 2.05% to $123.20.

Bank First Corporation (NasdaqCM: BFC) has entered into an agreement and plan of merger to acquire Centre 1 Bancorp, Inc. for approximately $170 million. The deal, which is expected to be completed in the first quarter of 2026, involves an all-stock transaction with Centre 1 Bancorp's shareholders receiving common equity of Bank First Corporation at a ratio of 0.92 per share [1].

The acquisition will add Centre 1 Bancorp's assets, including The First National Bank, to Bank First's portfolio. This move is anticipated to expand Bank First's presence in the Midwest region. The merger agreement has been unanimously approved by the boards of directors of both companies. The transaction is subject to various conditions, including shareholder approval, regulatory approvals, and the receipt of a tax opinion [1].

Following the transaction, Bank First Corporation will have a proforma ownership of 88% and Centre 1 Bancorp will have 12%. The merger will result in Centre 1 Bancorp being merged into Bank First, with Bank First being the surviving entity. Additionally, Bank First, N.A., Bank First's wholly-owned subsidiary, and The First National Bank and Trust Company, Centre 1's wholly-owned subsidiary, will also merge, with Bank First N.A. as the surviving bank [1].

The Centre 1 Chairman and Chief Executive Officer, Steve Eldred, is expected to join the Bank First Board of Directors. In case of termination of the transaction, Centre 1 will pay a termination fee of $5.30 million [1].

The news of the acquisition has had a slight impact on Bank First's stock price, with shares down 2.05% to $123.20 as of July 2, 2025 [3].

References:
[1] https://www.marketscreener.com/news/bank-first-corporation-entered-into-an-agreement-and-plan-of-merger-to-acquire-centre-1-bancorp-inc-ce7c5cdfd989f22d
[2] https://www.optometrytimes.com/view/midwest-eye-center-first-in-ohio-among-first-in-the-midwest-to-implement-alcon-s-voyager-dslt
[3] https://www.investing.com/news/company-news/bank-first-national-corp-stock-hits-alltime-high-at-12534-usd-93CH-4140452