Bank First in Manitowoc, Wis., has agreed to buy PSB Holdings in Wausau, Wis.
The $6.1 billion-asset Bank First said in a press release that it will pay $202.9 million in stock for the parent of the $1.5 billion-asset Peoples State Bank. The deal is expected to close in the fourth quarter.
The acquisition “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, Bank First’s chairman and CEO, said in the release. “Over time, our leadership teams have remained connected and observed one another’s growth. It became clear that our philosophies and values align, and the timing was right to bring our organizations together.”
Peoples State has $1.1 billion in loans and $1.2 billion in deposits.
Piper Sandler and Alston & Bird advised Bank First. Raymond James and Boardman Clark advised Peoples State.