Manitowoc, Wis.-based Bank First Corporation has signed an agreement with Tomah Bancshares to acquire Timberwood Bank in an all-stock transaction worth $32.6 million.
As of September 30, Tomah, Wis.-based Timberwood Bank had $193 million in assets, $127 million in net loans, $155 million in deposits and $20 million in shareholders’ equity. After the deal closes in the spring, the combined company will have total assets of $2.4 billion, net loans of $1.8 billion and deposits of $2 billion.
“The announcement today reinforces our strategic initiative of providing relationship-based community banking throughout the state of Wisconsin,” said Mike Molepske, president and CEO of Bank First. “We are thrilled for the opportunity to deliver the latest banking technologies to more families, businesses, and non-profit organizations in the Tomah area while staying true to our core principles of community banking.”
Bank First had $6.7 million in net income in the third quarter of 2019, compared to $5.9 million last year.
“We look forward to working together to maintain our tradition of community banking in the Tomah area,” said Kevin Ravenscroft, Timberland president and CEO. “ Their approach to banking coincides with our core principle of treating customers like friends and neighbors. This partnership not only strengthens our team, but also provides an enhanced suite of products to our customers.”
Sandler O’Neill + Partners, L.P. served as financial advisor to Bank First and Barack Ferrazzano Kirschbaum & Nagelberg LLP served as legal counsel. Vining Sparks IBG, LP served as financial advisor to Timberwood Bank and Godfrey & Kahn S.C. served as legal counsel.