Bank First Corp to Acquire PSB Holdings for $202.9M, Projecting 14.2% EPS Accretion
BFC sits 31% above its 52-week low of $109.11.
Summary
Bank First Corp announced the all-stock acquisition of PSB Holdings, Inc. for approximately $202.9 million, a deal expected to be highly accretive to EPS with minimal tangible book value dilution and significant strategic expansion into new markets.
Key Events · M&A and Partnerships · BFC
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All-Stock Acquisition of PSB Holdings
Bank First Corp will acquire PSB Holdings, Inc. for approximately $202.9 million in an all-stock transaction, with each PSB shareholder receiving 0.3470 shares of BFC common stock.
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Significant EPS Accretion Projected
The acquisition is projected to be 14.2% accretive to earnings per share in 2027 and 12.0% in 2028.
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Minimal Tangible Book Value Dilution
The transaction anticipates 1.0% tangible book value dilution at closing with a rapid 0.25-year earnback period.
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Strategic Market Expansion
The acquisition extends Bank First's geographic footprint into North Central Wisconsin and the greater Milwaukee area, increasing combined assets to over $7.6 billion.
Analysis · BFC · Finance
This filing provides the detailed terms and financial projections for Bank First Corp's acquisition of PSB Holdings, Inc., a significant strategic move. The all-stock transaction, valued at approximately $202.9 million, is expected to be highly accretive to earnings per share (14.2% in 2027) with minimal tangible book value dilution (1.0%) and a very quick earnback period (0.25 years). This indicates a financially attractive deal. Strategically, the acquisition expands Bank First's geographic footprint into key Wisconsin markets, bolstering its competitive position and increasing its asset base to over $7.6 billion. The projected cost synergies and high internal rate of return further underscore the potential for enhanced shareholder value.
How filings like this one have moved
In the 30 days to Oct 3, 2026, 40.9% of the 320 measured filings Wiseek scored 9 moved their stock by 5% or more by the next session's close. The median move was -0.38%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, BFC was trading at $143.37 on NASDAQ in the Finance sector, with a market capitalization of approximately $1.6B. The 52-week trading range was $109.11 to $153.00. This filing was assessed with positive market sentiment and an importance score of 9 out of 10.