Bank First to Acquire Peoples State Bank in $202.9M All-Stock Deal

Bank First, the holding company of Bank First, N.A., announced that it has entered into an Agreement and Plan of Merger with PSB Holdings, parent company of Peoples State Bank, a Wisconsin state-chartered bank, under which Bank First will acquire 100% of the common stock of Peoples in an all-stock transaction. Under the terms of the Agreement and Plan of Merger, each Peoples shareholder will have the right to receive 0.3470 of a share of Bank First's common stock in exchange for each share of Peoples common stock. The aggregate consideration is valued at approximately $202.9M, based on the closing price of Bank First common stock as of May 18, 2026, of $143.66 per share. Bank First expands into attractive markets across North Central Wisconsin and the greater Milwaukee area, with a complementary branch network, while Peoples benefits from the scale, resources, and technology of a larger institution without sacrificing local decision making or its community-focused culture. The Boards of Directors of Bank First and Peoples have approved the Agreement and Plan of Merger. Subject to customary closing conditions, regulatory approval, and approval by Peoples' shareholders, the transaction's closing and systems conversion are expected to occur in the Q4. Piper Sandler & Co. served as financial advisor to Bank First, and Alston & Bird served as legal counsel. Raymond James & Associates, served as financial advisor to Peoples, and Boardman Clark served as legal counsel.