Bank First Corporation, the holding company of Bank First, N.A., will merge with PSB Holdings, Inc., parent company of Peoples State Bank, a Wisconsin state-chartered bank.
Bank First will acquire 100% of the common stock of Peoples in an all-stock transaction. Each Peoples shareholder will have the right to receive .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.
Bank First expands into attractive markets across North Central Wisconsin and the greater Milwaukee area, with a complementary branch network, while Peoples benefits from the scale, resources, and technology of a larger institution.
Customers of both banks will have access to expanded products, services, and capabilities. Peoples customers gain access to Bank First’s advanced digital banking solutions, strong retail offerings, and a broader suite of Treasury Management products and services. Bank First customers benefit from Peoples’ experienced team, local presence, and award-winning service culture.
“Bank First is an ideal partner for Peoples, bringing scale, expanded capabilities, a people-centered culture, and a shared commitment to putting customers first,” stated Scott Cattanach, President and Chief Executive Officer of Peoples. “This 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.”
Mike Molepske, Chairman and Chief Executive Officer of Bank First, said, “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.”
As of March 31, Peoples had approximately $1.50 billion in consolidated assets, $1.12 billion in net loans, $1.19 billion in deposits, and $133.87 million in consolidated stockholders’ equity. Based on the financial results as of March 31, 2026, the combined company, including Bank First’s recent acquisition of Centre 1 Bancorp, Inc., which closed on Jan. 1, will have total assets of approximately $7.6 billion, loans of approximately $5.64 billion, and deposits of approximately $6.27 billion.
Piper Sandler & Co. served as financial advisor to Bank First, and Alston & Bird LLP served as legal counsel. Raymond James & Associates, Inc. served as financial advisor to Peoples, and Boardman Clark LLP served aslegal counsel.
