Bank First Corp. To Acquire Centre 1 Bancorp In $174.3 Mln All-stock Deal

Bank First National

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(RTTNews) - Bank First Corp. (BFC), the holding company of Bank First, N.A., announced Friday the signing of an Agreement and Plan of Merger with Centre 1 Bancorp, Inc., parent company of The First National Bank and Trust Co., 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.

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.

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.