Bank First Corporation Signs Agreement to Acquire PSB Holdings, Inc.

Bank First Corporation has announced its intention to acquire PSB Holdings, Inc. in a transaction valued at approximately $202.9 million. The agreement, which was made public on May 19, 2026, involves Bank First acquiring 100% of the common stock of PSB Holdings, the parent company of Peoples State Bank, in an all-stock transaction. Each shareholder of Peoples will receive 0.3470 shares of Bank First common stock for each share of Peoples common stock they hold, based on Bank First's closing stock price of $143.66 as of May 18, 2026.

This merger represents a strategic move for Bank First, allowing it to expand its geographic footprint into North Central Wisconsin and the greater Milwaukee area—regions identified for their growth potential. By combining the two community banks, the merger aims to enhance the customer experience through a more extensive branch network and increased product offerings. The integration of Bank First and Peoples State Bank is expected to create a more robust regional presence while maintaining the community-focused service that both institutions are known for.

The financial implications of this merger are significant. With the addition of PSB Holdings, Bank First's total assets will exceed $7.6 billion, enhancing its lending capacity and service capabilities. This increased scale will allow the combined organization to better support individuals and businesses in their communities. For shareholders of PSB Holdings, the merger is projected to deliver long-term value, including an estimated 80% market premium and enhanced liquidity through association with a publicly traded entity that has a track record of consistent dividends.

The merger also highlights broader trends in the banking sector, where community banks are increasingly seeking consolidation to enhance their competitive position. As financial institutions face pressures from digital banking innovations and changing consumer preferences, mergers like this one allow banks to leverage combined resources and technology to meet customer demands more effectively. The partnership between Bank First and Peoples is indicative of a growing trend where community banks prioritize relationship-driven banking while also adapting to the evolving market landscape.

As the transaction moves toward completion, pending regulatory approvals and shareholder consent, it is expected to close in the fourth quarter of 2026. The successful integration of these two banks could set a precedent for future mergers in the community banking sector, emphasizing the importance of scale and technological advancement in delivering superior banking services. The combined entity is poised to enhance its service offerings while remaining committed to its community roots, ultimately benefiting customers and shareholders alike.