Posted at 2 p.m. on Wednesday, January 19, 2022
The Brillion News
MANITOWOC-- Bank First Corporation, the holding company of Bank First, N.A., announced Wednesday, January 19, the signing of an agreement and plan of merger with Denmark Bancshares, Inc., the parent company of Denmark State Bank, a Wisconsin state-chartered bank, under which Bank First has agreed to acquire 100 percent of the common stock of Denmark State Bank in a combined stock-and-cash transaction.
Under the terms of the Agreement and Plan of Merger, each Denmark shareholder will have the option to receive either $38.10 in cash per share or 0.5276 of a share of Bank First’s common stock in exchange for each share of Denmark common stock, subject to customary proration and allocation procedures
The aggregate consideration is valued at approximately $119 million.
An announcement about the purchase/merger said that Denmark State Bank’s expertise in agricultural banking, along with Bank First’s commitment and scale, will allow the combined organization to better serve farmers across Wisconsin.
As of December 31, 2021, Denmark had approximately $687.6 million in consolidated assets, $479.4 million in gross loans, $614.5 million in deposits and $68.0 million in consolidated stockholders’ equity. Based on the financial results as of December 31, 2021, the combined company will have total assets of approximately $3.6 billion, loans of approximately $2.7 billion and deposits of approximately $3.2 billion.
The Agreement and Plan of Merger has been approved by the Boards of Directors of Bank First and Denmark.
The closing of the transaction, which is targeted to take place early third quarter 2022, is subject to customary closing conditions, including regulatory approval and approval by the shareholders of Denmark and Bank First.
The two institutions offer a diverse set of competencies that when combined are expected to result in a stronger organization. Denmark has established itself as a leading provider of financial products and services in Northeast Wisconsin, resulting in a strong deposit base.
This complements Bank First’s already strong presence in Manitowoc County and enhances its growing footprint in Brown County. Bank First recently announced the purchase of a seven acre parcel of property to build a new flagship office along Shawano Avenue and South Taylor Street next to the Meijer store in Green Bay, solidifying its commitment to Green Bay and the surrounding communities.
The announcement said that Denmark’s customers will benefit from Bank First’s 49.8 percent ownership of UFS, LLC, a bank technology outfitter which provides digital, core, cybersecurity, managed IT, and cloud services to banks in the Midwest. Bank First’s relationship with UFS creates opportunities to access the latest advancements in banking technology at a faster rate than its peers.
Bank First said its focus on providing innovative products and services will allow the customers of Denmark State Bank to benefit from a wide array of retail banking products and loan programs tailored to the unique needs of each individual or family.
A benefit to business customers will be to leverage the combined organization’s suite of treasury management products and services, specifically taking advantage of Bank First’s in-house merchant services program. Additionally, Denmark has expertise in agricultural banking dating back to 1909. Denmark’s highly knowledgeable agricultural team will be essential.
Bank First Corporation is a bank holding company headquartered in Manitowoc, Wisconsin with total assets of approximately $2.9 billion. Its principal activity is the ownership and operation of Bank First, a nationally-chartered community bank that operates 21 banking centers serving Wisconsin. The bank’s history dates back to 1894 when it was founded as the Bank of Manitowoc. For more information on Bank First, please visit www.bankfirstwi.bank.
Denmark Bancshares, Inc. is a bank holding company headquartered in Denmark, Wisconsin with total assets of approximately $687.6 million. Its principal activity is the ownership and operation of Denmark State Bank, an independent community bank that offers seven banking offices in Denmark, Bellevue, Howard, Lawrence, Reedsville, Shawano, and Whitelaw. Denmark State Bank offers a wide variety of financial products and services including loans, deposits, mortgage banking, and investment services.
~ Source: PR Newswire. Edited for space considerations.