FDIC-Insured - Backed by the full faith and credit of the U.S. Government
Bank First Corporation Signs Agreement to Acquire PSB Holdings, Inc.
Highlights of the Announced Transaction
-
Combines Two Strong Community Banks. Unites two relationship-driven institutions with deep community roots and a shared commitment to responsive, solutions-oriented service.
-
Strategic Geographic Expansion. Extends Bank First’s footprint into high-potential, community-centric markets across North Central Wisconsin and the greater Milwaukee area, regions long identified for strategic growth. The integration of these complementary branch networks creates a more robust and cohesive regional presence.
-
Increased Financial Capacity. Grows the combined organization to over $7.6 billion in assets, enhancing lending capacity, service capabilities, and opportunities to support individuals and businesses.
-
Enhanced Shareholder Value. Provides long-term value through combined financial strength and disciplined, relationship-based growth. PSB Holdings, Inc. shareholders are expected to receive over an 80% market premium, increased liquidity through a publicly traded partner with a long history of uninterrupted quarterly dividends, and alignment with a top-performing institution recognized for industry excellence.
MANITOWOC, Wis. and WAUSAU, Wis., May 19, 2026 /PRNewswire/ -- Bank First Corporation (Nasdaq: BFC) (“Bank First”), the holding company of Bank First, N.A., announced today 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.