---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-26-063919"
form_type: "8-K"
ticker: "BFC"
cik: "0001746109"
company_name: "Bank First Corp"
filed_at: "2026-05-19T21:05:40+00:00"
generated_at: "2026-05-19T21:11:48.049059+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001104659-26-063919
- form_type: 8-K
- ticker: BFC
- cik: 0001746109
- company_name: Bank First Corp
- filed_at: 2026-05-19T21:05:40+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 1.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1746109/000110465926063919/0001104659-26-063919-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1746109/000110465926063919/tm2615088d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-26-063919
- JSON: https://secwatch.observer/filing/0001104659-26-063919.json
- Plain text: https://secwatch.observer/filing/0001104659-26-063919.txt

## Key facts
- Material Agreements
  Bank First Corp entered into Agreement and Plan of Merger with PSB Holdings, Inc. (effective 2026-05-19).
  - Action: entry
  - Agreement: merger
  - Counterparty: PSB Holdings, Inc.
  - Effective: 2026-05-19
  source text: On May 19, 2026, Bank First Corporation, a Wisconsin corporation (“BFC”), entered into an Agreement and Plan of Merger (the “Merger Agreement”) with PSB Holdings, Inc., a Wisconsin corporation (“PSB”), whereby PSB will be merged with and into BFC (the “Merger”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1746109/000110465926063919/0001104659-26-063919-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.