Bank First Corporation announced in a letter to the Wisconsin Department of Workforce Development it would lay off 47 employees in December following a merger announced earlier this year.
Bank First announced the merger with PSB Holdings, Inc., parent company of Peoples State Bank, a Wisconsin state-chartered bank, earlier this year.
According to the letter, it eliminates overlapping positions and the employees will be let go between Dec. 4 and 18.
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.
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.
