Bank First National Corporation, Manitowoc, Wis., has agreed to acquire Partnership Community, Cedarburg, Wis., for $41 million in a cash and stock transaction.
The $307 million Partnership has $267 million in net loans, $262 million in deposits and $22 million in consolidated stockholders’ equity. It operates four branches in Ozaukee, Monroe, and Jefferson counties.
Based on Dec. 31 numbers, the combined company will have total assets of $2.1 billion, loans of $1.7 billion, deposits of $1.8 billion and 22 branches in Wisconsin. The merger is slated to close in July.
“We are very excited to be uniting with Partnership Bank and increasing our footprint in Wisconsin,” said Mike Molepske, president and CEO of the $1.8 billion Bank First. “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.”
Bank First is also building a pair of new branch buildings in Wisconsin and remodeling a third.
Sandler O’Neill + Partners, L.P. served as financial advisor to Bank First and Alston & Bird LLP served as legal counsel. Piper Jaffray & Co. served as financial advisor to Partnership and Godfrey & Kahn S.C. served as legal counsel.