Bank First Corporation to acquire PSB Holdings in all-stock deal valued at ~$202.9M

Bank First Corp

Each PSB share to be exchanged for 0.3470 BFC shares; aggregate consideration ~$202.9M based on BFC close of $143.66.
Combined assets exceed $7.6B, with loans ~$5.64B and deposits ~$6.27B.
Transaction expected to close in Q4 2026, subject to regulatory and PSB shareholder approval.
PSB shareholders receive over 80% market premium; BFC to add one PSB board member.
Deal extends BFC's footprint into North Central Wisconsin and greater Milwaukee area.

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