Bank First Corporation announced on January 2 2026 that it had closed its all‑stock acquisition of Centre 1 Bancorp, the parent of First National Bank and Trust. The transaction, which closed on January 1 2026, brings the combined entity to roughly $6 billion in assets and expands the bank’s footprint to 38 branches across Wisconsin and the Illinois‑Wisconsin border.
The deal was valued at approximately $174.3 million in Bank First stock, based on the company’s share price on July 17 2025. The all‑stock structure reflects Bank First’s confidence in the long‑term value of Centre 1’s customer base and the strategic fit of its wealth‑management and trust services.
Prior to the transaction, Bank First reported about $4.4 billion in assets, while Centre 1’s subsidiary, First National Bank and Trust, had roughly $1.55 billion in assets as of June 30 2025. The combined $6 billion in assets represents a near‑doubling of Bank First’s balance sheet, positioning it as a larger regional player in the Midwest banking market.
The acquisition adds a robust wealth‑management and trust division to Bank First’s portfolio, providing customers with expanded investment, trust administration, and insurance services. Management expects the new division to diversify revenue streams, reduce reliance on traditional deposit‑based income, and generate higher‑margin fee income from wealth‑management activities.
Integration is slated to begin with a systems conversion in May 2026, during which First National Bank and Trust will be migrated onto Bank First’s unified digital platform. Both banks emphasize preserving their relationship‑driven cultures while leveraging technology and product synergies to deliver a seamless customer experience.
Mike Molepske, Chairman and CEO of Bank First, said the partnership “brings together two long‑standing, community‑focused institutions committed to responsive, relationship‑based banking. Together, we strengthen our ability to serve customers across Wisconsin and the Stateline area of Illinois with greater capabilities and expanded services.” Steve Eldred, CEO of Centre 1, will join Bank First’s board, ensuring continuity of leadership and oversight.
The deal’s strategic rationale centers on scaling Bank First’s asset base, expanding its branch network, and adding higher‑margin wealth‑management services. By integrating Centre 1’s established customer relationships and technology platform, Bank First aims to accelerate growth, enhance cross‑sell opportunities, and improve competitive positioning against larger regional banks. The primary risk lies in the integration of systems and cultures, but the planned May 2026 conversion and joint leadership structure are designed to mitigate these challenges.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.