MANITOWOC - Bank First National Corporation, holding company of Bank First, National Association, announced Wednesday the signing of an agreement and plan of merger with Partnership Community Bancshares, Inc., parent company of Partnership Bank.
Partnership Bank is a Wisconsin state-chartered bank. According to a press release from Bank First, under the agreement, Bank First has agreed to acquire 100 percent of the common stock of Partnership in a combined stock-and-cash transaction.
“We are very excited to be uniting with Partnership Bank and increasing our footprint in Wisconsin,” said Mike Molepske, president and chief executive officer of Mantiowoc-based Bank First. “With Partnership’s community involvement, strong deposit base, superior credit quality and relationship model of banking, it was evident from the start this would be the perfect fit for both banks as well as their employees, customers and shareholders. We look forward to our future together as a combined institution and the substantial impact we will have in the communities we serve.”
Under the terms of the agreement and plan of merger, each Partnership shareholder will have the option to receive either $17.3832 in cash or 0.35047 of a share of Bank First’s common stock in exchange for each share of Partnership common stock, subject to customary proration and allocation procedures such that 65 percent of Partnership shares will receive the stock consideration and 35 percent will receive the cash consideration. The aggregate consideration is valued at approximately $41 million, Bank First said in the release.
As of Dec. 31, 2018, Partnership had approximately $306.8 million in consolidated assets, $267.1 million in net loans, $261.6 million in deposits and $21.6 million in consolidated stockholders’ equity. Based on the financial results as of Dec. 31, 2018, Bank First said the combined company will have total assets of approximately $2.1 billion, loans of approximately $1.7 billion and deposits of approximately $1.8 billion.
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The agreement and plan of merger has been approved by the boards of directors of Bank First and Partnership. The closing of the transaction, which has a target date of July 12, 2019, is subject to customary conditions, including regulatory approval and approval by shareholders of Partnership.
Partnership has services in Ozaukee, Monroe and Jefferson counties.
“Bank First is a Wisconsin-based, homegrown community bank just like us," said David Braaten, president and chief executive officer of Partnership Bank. "Our values, vision for building relationships and delivery of remarkable client service closely align. Merging with Bank First provides us additional strength and resources for growth in our markets and the ability to efficiently deliver innovative products and services to our clients.”
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