MANITOWOC – Bank First now has 26 locations in Wisconsin after it completed a merger with Denmark State Bank over the weekend.
The merger between the holding companies of the two banks — Bank First Corporation, based in Manitowoc, and Denmark Bancshares, Inc. — went in effect Aug. 12.
The systems conversion took place over the weekend of Aug. 12-14, and the Denmark, Howard, Shawano and Whitelaw branches of Denmark State Bank opened as Bank First branches on Aug. 15. The Reedsville branch was set to open as Bank First on Aug. 16.
The Denmark State Bank Bellevue and Lawrence offices permanently closed after normal business hours on Aug. 12.
With the addition of Denmark Bancshares, Inc., Bank First Corporation now has assets of approximately $3.6 billion, loans of approximately $2.9 billion and deposits of approximately $3.2 billion.
Each Denmark shareholder was to receive either $38.10 in cash or 0.5276 of a share of Bank First’s common stock in exchange for each share of Denmark common stock held prior to the merger, Bank First said in a news release.
The growth of Bank First is expected to continue with another merger planned for later this year.
In late July, Bank First Corporation announced plans to acquire another Wisconsin bank, signing an agreement and plan of merger with Hometown Bancorp, Ltd., parent company of Hometown Bank, a Wisconsin state-chartered bank based in Fond du Lac.
More: Bank First plans to build a 13,000-square-foot operations center in Manitowoc
More: Bank First has new board chairman, Manitowoc region president as merger nears
Under that agreement, Bank First agreed to acquire 100% of the common stock of Hometown in a combined stock-and-cash transaction.
According to its website, Hometown Bank has offices in Appleton, Cambridge, two in Fond du Lac, Harmony Grove, Neshkoro, Pardeeville, Poynette, Redgranite, St. Cloud and Wautoma.
The closing of the transaction is expected in the fourth quarter of 2022.
Contact Brandon Reid at 920-686-2984 or [email protected] Follow him on Twitter at @breidHTRNews.
Bank First expands in Wisconsin with Denmark State Bank merger & Latest News Update
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