Bank First to acquire Centre 1 Bancorp for $174.3M in all-stock transaction

Bank First (BFC) announced the signing of an Agreement and Plan of Merger with Centre 1 Bancorp, 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 $174.3M, based on the closing price of Bank First common stock as of July 17, 2025 of $125.78 per share. 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.