Manitowoc-based Bank First National Corp. announced plans to merge with Partnership Community Bancshares Inc., parent company of Partnership Bank of Cedarburg.
Based on the financial results as of Dec. 31, 2018, the combined company will have total assets of approximately $2.1 billion, loans of approximately $1.7 billion and deposits of approximately $1.8 billion.
The boards of directors of Bank First and Partnership have approved agreement and plan of merger. The closing of the transaction has a target date of July 12.
The two institutions offer a diverse set of competencies that when combined, result in a stronger organization, according to a Bank First National press release. Bank First National operates 18 branches, primarily in Northeast Wisconsin, while Partnership Bank operates four branches in Cedarburg, Mequon, Watertown and Tomah.
Through Bank First’s 30 percent ownership of Ansay & Associates, Partnership’s customers will have access to insurance and risk management solutions. Additionally, Partnership’s customers will benefit from Bank First’s 49.8 percent ownership of UFS, LLC, a company that provides data and technology services to 60 Midwest banks.
“We are very excited to be uniting with Partnership Bank and increasing our footprint in Wisconsin,” Mike Molepske, president and CEO of Bank First, said in a statement. “With Partnership’s community involvement, strong deposit base, superior credit quality and relationship model of banking, it was evident from the start this would be the perfect fit for both banks as well as their employees, customers and shareholders.”