Bank First to acquire Wausau bank for $202 million

Manitowoc, Wis.-based Bank First is expanding in North Central Wisconsin and the Greater Milwaukee area by acquiring PSB Holdings, Wausau, for more than $200 million..The deal is expected to close in the fourth quarter. The acquisition will grow Bank First to more than $7.6 billion. As of March 31, PSB Holdings subsidiary Peoples State Bank had $1.5 billion in assets, $1.12 billion in net loans and $1.19 billion in deposits. Bank First had $6 billion in assets, $5.1 billion in deposits and $4.4 billion in net loans and leases. “Over time, our leadership teams have remained connected and observed one another’s growth,” said Bank First Chair and CEO Mike Molepske. “It became clear that our philosophies and values align, and the timing was right to bring our organizations together.”The acquisition came after Bank First acquired Centre 1 Bancorp, which closed at the start of this year. Minneapolis-based Piper Sandler & Co was financial advisor to Bank First, while Alston & Bird LLP, Atlanta, was legal counsel. St. Petersburg, Fla.-based Raymond James & Associates was financial advisor to Peoples, and Boardman Clark LLP, Madison, was legal counsel.