Manitowoc-based Bank First has unveiled the details of another merger.
The Bank First Corporation, the parent company of Bank First, has entered into an agreement and plan of merger with PSB Holdings Inc., the parent company of the Wisconsin state-chartered bank, Peoples State Bank.
Under the agreement, Bank First will acquire 100% of the common stock of Peoples State Bank in an all-stock transaction.
Chairman and Chief Executive Officer of Bank First, Mike Molepske, said in a news release, “This partnership brings together two organizations that believe deeply in relationship-based banking and the role community banks play in helping people, businesses, and communities succeed. Over time, our leadership teams have remained connected and observed one another’s growth. It became clear that our philosophies and values align, and the timing was right to bring our organizations together in a way that strengthens both while expanding into markets where we can make a meaningful impact.”
Scott Cattanach, President and Chief Executive Officer of Peoples, called Bank First their “ideal partner,” adding that the merger “allows us to build on the relationships we have established while providing customers with enhanced digital banking solutions, a broader range of products and services, and continued local decision making. Just as importantly, it creates new opportunities for our employees and strengthens our ability to serve our communities for years to come.”
While the deal still must undergo the customary closing conditions, regulatory approval, and approval by Peoples’ shareholders, the deal is expected to close in the fourth quarter of 2026, around the same time the systems conversion is slated to occur.
