Bank First National plans to acquire First National Bank (FNB).
Headquartered in Manitowoc, Bank First’s parent company, Bank First National Corp., announced Friday that a definitive merger agreement with FNB’s parent company, Waupaca Bancorporation, had been signed.
The cash and stock transaction has a total current value of approximately $76.3 million.
The combined company will have total assets of $1.8 billion, loans of $1.4 billion and deposits of $1.5 billion.
The boards of directors of each company have unanimously approved the merger agreement.
The transaction is expected to close later this year and is subject to regulatory approvals and approval by Waupaca’s shareholders.
Under the terms of the agreement, Waupaca shareholders will receive 70 percent cash and 30 percent stock for each share of Waupaca common stock.
After the transaction is completed, all Waupaca offices are expected to open as Bank First branches.
“We are very excited to be partnering with Waupaca and increasing our footprint in Wisconsin,” said Mike Molepske, president and CEO of Bank First. “Like Bank First, Waupaca has a long history of service to its customers and its communities. In addition, the merger provides opportunity for operational efficiencies and the opportunity to leverage the strengths of both institutions.”
Bank First is a nationally-chartered community bank that operates 12 branches in Wisconsin. The bank’s history dates back to 1894 when it was founded as the Bank of Manitowoc. Its parent company has total assets of approximately $1.3 billion.
FNB has total assets of approximately $473 million and eight branches in Wisconsin. The bank’s history dates back to 1885 when it was organized as the National Bank of Waupaca.
“We are proud to become part of a long standing organization focused on community banking. The combination provides strong value and potential upside for our shareholders going forward,” said Jim Rothenbach, president and CEO of FNB. “The combination also provides valuable additional products and services for our customers, an expanded branch network, and new opportunities for our employees as part of a larger organization.”