Bank First National Corp., the holding company of Bank First, N.A., Manitowac, Wis., announced an agreement with Partnership Community Bancshares Inc., parent company of Partnership Bank, Cedarburg, Wis., under which Bank First has agreed to acquire 100 percent of the common stock of Partnership in a combined stock-and-cash transaction.
Under the terms of the agreement, each Partnership shareholder will have the option to receive either $17.3832 in cash or 0.35047 of a share of Bank First’s common stock in exchange for each share of Partnership common stock, subject to customary proration and allocation procedures such that 65 percent of Partnership shares will receive the stock consideration and 35 percent will receive the cash consideration. The aggregate consideration is valued at approximately $41 million.
As of Dec. 31, 2018, Partnership had approximately $306.8 million in consolidated assets, $267.1 million in net loans, $261.6 million in deposits and $21.6 million in consolidated stockholders’ equity. Based on the financial results as of Dec. 31, the combined company will have total assets of approximately $2.1 billion, loans of approximately $1.7 billion and deposits of approximately $1.8 billion.
The agreement has been approved by the boards of directors of Bank First and Partnership. The closing of the transaction, which has a target date of July 12, is subject to customary conditions, including regulatory approval and approval by the shareholders of Partnership.
The two institutions offer a diverse set of competencies that, when combined, result in a stronger organization, a joint release states. Partnership has established itself as a leading provider of financial products and services in Ozaukee, Monroe and Jefferson counties, resulting in a strong deposit base. This complements Bank First’s already strong customer relationships in Ozaukee County and allows those customers closer access to physical branch locations.
Through Bank First’s 30 percent ownership of Ansay & Associates, Partnership’s customers will benefit from a closer connection to comprehensive insurance and risk management solutions. With headquarters in Port Washington, Ansay has a total of 22 offices located throughout the state of Wisconsin. It is the largest and fastest-growing independent insurance agency in the state and is listed as one of the top 100 independent agencies in the nation, according to the merger announcement.
Additionally, Partnership’s customers will benefit from Bank First’s 49.8 percent ownership of UFS, LLC, a company that provides data and technology services to 60 Midwest banks. Bank First’s relationship with UFS gives it the buying power of a large regional bank, creating opportunities to access the latest advancements in banking technology.