Bank First National, based in Manitowoc, has reportedly agreed to acquire the Partnership Bank, for roughly $41 million in cash and stock. The transaction is expected to close in the month of July, post the approval of shareholders and regulatory bodies.
Apparently, Bank First, which is the 9th largest bank headquartered in Wisconsin (WI), will acquire branches in Mequon, Cedarburg, Tomah, and Watertown when the deal closes this summer.
As per an official statement by Bank First, the deal complements customer relationships it has in Ozaukee County, WI, and would give customers closer access to branches. Bank First & Partnership Bank would evaluate management roles & responsibilities for the combined company.
Mike Molepske, President & Chief Executive Officer, Bank First National, was reportedly quoted stating that the firm is thrilled to partner with Partnership Bank & increase its footprint in WI. With Partnership’s community involvement, superior credit quality, strong deposit base, & relationship model of banking, it was evident from the beginning that this would be the perfect fit for both Bank First and Partnership Bank.
Seemingly, Bank First is the owner of 30% of Ansay & Associates and 49.8% of bank data & technology service provider – UFS Limited Liability Company (LLC), which are expected to massively benefit the customers of Partnership Bank via added services.
Debbie Weyker, Vice President of Marketing, Bank First, was reportedly quoted in an email stating that David Braaten (President and CEO, Partnership), is focused in bringing synergy between the two firms & working closely with the transition team making sure that the firms align. Weyker adds that once the merger is complete, the Tomah branch will open as Bank First branch. The firm is thrilled about the geographical fit because both its senior lender & head of its agricultural lending team live near the Tomah branch.