Manitowoc, Wis.-based Bank First is selling its minority stake in bank technology provider UFS, LLC, to an undisclosed buyer.
Bank First has a 49.8 percent stake in the Grafton, Wis.-based fintech, which specializes in providing digital, core, cybersecurity, managed IT and cloud services. UFS was established in 1991 by Bank First along with two other community banks.
“The stake will be acquired by an institution with a significant focus on tech-enabled business services, software and IT sectors,” Bank First stated. “Alongside Bank First’s share, the firm is set to purchase the remaining UFS ownership, establishing a 100 percent stake in the company.”
The 4.1 billion Bank First expects a $40 million pre-tax gain after the transaction closes later this year. “Entrusting UFS to this new partner not only demonstrates our confidence in their capabilities but also our shared vision,” said CEO Mike Molepske. “Given the firm’s deep expertise and acumen in the areas of technology, software and IT services, we’re confident they’ll navigate UFS into even brighter horizons.”