Bank First National, the holding company of Bank First, has signed an agreement to acquire Partnership Community Bancshares, the parent company of Partnership Bank, to expand its footprint in the US state of Wisconsin.

Partnership Community Bancshares acquisition

Under the terms of the acquisition, each Partnership shareholder will receive $17.3832 in cash or 0.35047 of a share of Bank First’s common stock. The aggregate consideration is valued at $41m.

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Partnership had nearly $306.8m in consolidated assets, $267.1m in net loans and $261.6m in deposits as of 31 December 2018. It has four branches in Wisconsin.

Once the transaction is complete, the combined company will have total assets of approximately $2.1bn.

Bank First president and CEO Mike Molepske said: “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.”

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Partnership Bank president and CEO David Braaten said: “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.”

Bank First National expects to close the transaction in July this year. The closure is subject to customary conditions, including regulatory approval and Partnership shareholder approval.