The deal is highly accretive (14.2% EPS in 2027) with minimal TBV dilution and a fast earnback (0.25 years), supported by 35% cost saves. With BFC shares as currency, watch for any drift in BFC's stock price relative to the NASDAQ Bank Index, as PSB has a walk-away right if BFC's stock declines >15% and underperforms the index by 15%. Monitor regulatory approval timelines and PSB shareholder vote. BFC's management has a proven M&A track record, reducing integration risk.
Price Chart
Executive Summary
Bank First Corp (BFC) announced a definitive merger agreement to acquire PSB Holdings, Inc. (PSB) in an all-stock transaction valued at approximately $202.9 million. PSB shareholders will receive 0.3470 BFC shares per PSB share, representing an over 80% market premium based on pre-announcement prices. The deal is expected to close in Q4 2026, expanding BFC's footprint into North Central Wisconsin and the greater Milwaukee area with a combined ~$7.6 billion in assets.
Key Financial Metrics
Key Facts
- BFC is acquiring PSB in an all-stock merger valued at ~$202.9 million, with each PSB share convertible into 0.3470 BFC shares.
- The aggregate consideration is based on BFC's closing price of $143.66 per share on May 18, 2026.
- PSB shareholders are expected to receive over an 80% market premium.
- The combination creates a pro forma institution with ~$7.6 billion in assets, ~$5.64 billion in loans, and ~$6.27 billion in deposits.
- Projected 14.2% EPS accretion in 2027 and ~18%+ IRR; TBV dilution of just 1.0% with an estimated 0.25-year earnback.
- Cost savings of 35% of PSB's expense base (~$14.8 million), 90% phased in during 2027.
- BFC will add one PSB board member (selected by BFC) to its board no later than the 2027 annual meeting.
- PSB must pay BFC a termination fee of $8,117,163 under certain termination scenarios.
- The transaction is subject to PSB shareholder approval, regulatory approvals, and other customary closing conditions.
- Closing is scheduled for December 4, 2026, with an outside date of February 19, 2027.
- PSB's directors and executive officers have entered into voting agreements to support the deal.
- BFC and PSB also entered into a side letter agreement permitting PSB to pay a one-time $1.00 special dividend if closing is delayed beyond December 4, 2026.
Financial Impact
~$202.9 million aggregate all-stock consideration; 14.2% EPS accretion projected for 2027; 1.0% TBV dilution with 0.25-year earnback
Risk Factors
- Regulatory approval may be delayed or subject to burdensome conditions.
- PSB shareholders could fail to approve the merger, though insider voting agreements mitigate this risk.
- Integration of PSB's operations could be more costly or time-consuming than projected.
- A decline in BFC's stock price below the collar thresholds could allow PSB to terminate or force BFC to adjust the exchange ratio.
- Customer or employee attrition during the integration period could reduce expected cost savings and revenue synergies.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 8 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-063919 |
| Document: tm2615088d1_8k.htm | 0001104659-26-063919 |
| Document: tm2615088d1_ex99-1.htm | 0001104659-26-063919 |
| Document: tm2615088d1_ex99-2.htm | 0001104659-26-063919 |
| Document: tm2615088d1_ex10-1.htm | 0001104659-26-063919 |
| Document: 0001104659-26-063919-index-headers.html | 0001104659-26-063919 |
| Document: 0001104659-26-063919-index.html | 0001104659-26-063919 |
| Document: 0001104659-26-063919.txt | 0001104659-26-063919 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 20, 2026 6d ago | 8-K | $142.04 | awaiting T+20 | — | $148.74 (−4.72%) |
Sep 22, 2026 4w ago | Institutional Cluster | $150.83 $148.34 | ▼ −1.65% | ▼ −1.09% | $148.74 (−1.39%) |
Aug 24, 2026 9w ago | Insider Buy | $154.08 $150.83 | ▼ −2.11% | ▼ −3.42% | $148.74 (−3.47%) |
Aug 4, 2026 12w ago | EFFECT | $156.08 $150.33 | ▼ −3.68% | ▼ −2.45% | $148.74 (−4.70%) |
Jul 30, 2026 12w ago | S-4/A | $152.74 $152.81 | ▲ +0.05% | ▼ −2.94% | $148.74 (−2.62%) |
Jul 17, 2026 14w ago | S-4 | $145.82 $156.88 | ▲ +7.58% | ▲ +3.46% | $148.74 (+2.00%) |
Jun 11, 2026 19w ago | Institutional Cluster | $143.99 $146.67 | ▲ +1.86% | ▼ −0.03% | $148.74 (+3.30%) |
May 19, 2026 22w ago | 8-K | $143.05 $142.68 | ▼ −0.26% | ▼ −1.00% | $148.74 (+3.98%) |
Apr 24, 2026 26w ago | DEFA14A | $144.19 $142.37 | ▼ −1.26% | ▼ −5.29% | $148.74 (+3.16%) |
Apr 22, 2026 26w ago | 8-K | $141.83 $143.05 | ▲ +0.86% | ▼ −3.77% | $148.74 (+4.87%) |
US Market Status
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