Bank First Corporation will acquire PSB Holdings, Inc. in an all-stock transaction valued at approximately $202.9 million, creating a combined community bank with over $7.6 billion in assets and extending Bank First’s presence across North Central Wisconsin and the Milwaukee area.
"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," Mike Molepske, Chairman and Chief Executive Officer of Bank First, said. "It became clear that our philosophies and values align, and the timing was right to bring our organizations together."
Under the terms, each PSB Holdings shareholder will receive 0.3470 of a share of Bank First's common stock. Based on Bank First's closing price of $143.66 on May 18, 2026, the deal implies a significant market premium of over 80 percent for Peoples' shareholders. The combined entity will manage approximately $7.6 billion in assets, $5.64 billion in loans, and $6.27 billion in deposits, based on March 31, 2026, financials.
The acquisition strengthens Bank First's strategic geographic footprint while providing PSB Holdings, parent of Peoples State Bank, access to a larger balance sheet, advanced digital banking solutions, and increased lending capacity. The transaction, which has been approved by both boards, is expected to close in the fourth quarter of 2026, pending regulatory and shareholder approvals.
Strategic Expansion
The merger unites two Wisconsin-based banks with a shared focus on community service and local decision-making. For Bank First, the deal provides entry into high-potential markets long-identified for growth. For Peoples State Bank customers, it offers access to a broader suite of products, including advanced treasury management and retail services, without sacrificing the local service model.
"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."
Piper Sandler & Co. served as financial advisor to Bank First, with Alston & Bird LLP as legal counsel. Peoples was advised by Raymond James & Associates, Inc. and Boardman Clark LLP.
This article is for informational purposes only and does not constitute investment advice.
