MergerMay 19, 2026, 05:12 PM
Bank First to Acquire PSB Holdings for $202.9M; Combined Assets $7.6B
AI Summary
Bank First Corporation announced an agreement to acquire PSB Holdings, Inc. in an all-stock transaction valued at approximately $202.9 million. Each PSB common stock share will convert into 0.3470 shares of Bank First common stock. The merger, unanimously approved by both boards, is expected to close in the fourth quarter of 2026, creating a combined entity with over $7.6 billion in assets. The transaction is projected to be 14.2% accretive to EPS in 2027 with a 0.25-year tangible book value earnback.
Key Highlights
- Bank First Corp to acquire PSB Holdings, Inc. in an all-stock merger.
- Transaction valued at approximately $202.9 million based on BFC's May 18, 2026 closing price.
- Each PSB common share to convert into 0.3470 shares of Bank First common stock.
- Expected to close in Q4 2026, subject to regulatory and shareholder approvals.
- Combined organization will have over $7.6 billion in assets post-merger.
- Projected 14.2% EPS accretion in 2027 and 1.0% tangible book value dilution at closing.
- Estimated tangible book value earnback of 0.25 years and 18%+ internal rate of return.
- Strategic expansion into North Central Wisconsin and greater Milwaukee area.
Price Impact
More from BFC