Bank First in Manitowoc, Wis., has agreed to buy Centre 1 Bancorp in Beloit, Wis., in a deal that will expand its reach into southern Wisconsin and northern Illinois.
The $4.4 billion-asset Bank First said in a press release that it will pay $174.3 million in stock for the $1.6 billion-asset Centre. The deal, which is expected to close in the second quarter of 2026, priced Centre and 195% of its tangible book value.
Centre has 17 branches, $995 million of loans, and $1.3 billion of deposits.
The acquisition “brings together two long-standing, community-focused institutions united by a shared commitment to responsive, relationship-based banking,” Mike Molepske, Bank First’s chairman and CEO, said in the release. “The combination of our organizations enhances our ability to serve customers across Wisconsin and northern Illinois with greater capabilities and expanded resources.”
The deal should be 33.9% accretive to Bank First’s 2026 earnings per share. It should talk nine months for Bank First to earn back any dilution to its tangible book value.
Bank First plans to cut about 40% of Centre’s annual noninterest expenses, or $22 million. It plans to incur about $21.5 million of merger-related expenses.
Steve Eldred, Centre’s chairman and CEO, will join Bank First’s board.
Piper Sandler and Alston & Bird advised Bank First. Hovde Group and Barack Ferrazzano Kirschbaum & Nagelberg advised Centre.