Bank First in Manitowoc, Wis., has agreed to sell its minority stake in technology firm UFS.
The $4.1 billion-asset Bank First said in a press release that it will sell its 49.8% stake to an “institution with a significant focus on tech-enabled business services.” A pretax gain of $40 million will be recognized in the third or fourth quarter.
The undisclosed buyer also plans to buy the majority stake in UFS, which specializes in digital, core, cybersecurity, managed IT and cloud services.
“For over three decades, our alliance with UFS has been the cornerstone of many successes,” Mike Molepske, Bank First’s CEO, said in the release.
“Bank First has a responsibility to ensure that success continues,” he added. “Entrusting UFS to this new partner not only demonstrates our confidence in their capabilities but also our shared vision.”