The S-4 filing is procedural and does not change the deal's probability. Monitor regulatory approvals (Federal Reserve, OCC, WDFI) and the PSB shareholder vote. The 5% dissenters' rights threshold is a key risk. BFC stock price relative to the $122.11 termination trigger should be tracked.
Price Chart
Executive Summary
Bank First Corp filed a preliminary S-4 registration statement for its acquisition of PSB Holdings, Inc. in a stock-for-stock merger. PSB shareholders will receive 0.3470 BFC shares per PSB share, implying ~$49.85 per share at announcement (80.6% premium). The merger is expected to close in Q4 2026, subject to regulatory and shareholder approvals.
Key Facts
- Exchange ratio: 0.3470 BFC shares per PSB common share
- Implied value per PSB share at announcement: ~$49.85 (80.6% premium over PSB's $27.60 close)
- PSB preferred shareholders to receive 8.83% promissory notes maturing Oct 2027
- Pro forma combined assets ~$7.6B (BFC $6.07B + PSB $1.5B)
- BFC to issue ~1.4M shares to PSB common holders
- Expected closing: Q4 2026, with drop-dead date of Feb 19, 2027
- PSB may pay $1.00 special dividend if closing delayed past Dec 4, 2026
- Termination fee of $8.1M payable by PSB in certain circumstances
Financial Impact
Pro forma Q1 2026 EPS of $1.97 vs BFC standalone $1.78 (including Centre acquisition); $84M goodwill and $29M core deposit intangible expected
Risk Factors
- Failure to obtain regulatory approvals or imposition of burdensome conditions
- PSB shareholders may not achieve 2/3 vote required
- Dissenters exceeding 5% of PSB shares could block the merger
- BFC stock decline below $122.11 with >15% underperformance vs Nasdaq Bank Index gives PSB termination right
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 8 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| S-4 Filing (BFC) — Batch item 1 | 0001104659-26-084686 |
| Document: tm2620547d1_ex-filingfees.htm | 0001104659-26-084686 |
| Document: tm2620547d2_ex99-2.htm | 0001104659-26-084686 |
| Document: tm2620547d2_ex23-2.htm | 0001104659-26-084686 |
| Document: tm2620547d2_ex23-1.htm | 0001104659-26-084686 |
| Document: 0001104659-26-084686-index-headers.html | 0001104659-26-084686 |
| Document: 0001104659-26-084686-index.html | 0001104659-26-084686 |
| Document: 0001104659-26-084686.txt | 0001104659-26-084686 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 20, 2026 6d ago | 8-K | $142.04 | awaiting T+20 | — | $148.96 (−4.87%) |
Sep 22, 2026 4w ago | Institutional Cluster | $150.83 $148.34 | ▼ −1.65% | ▼ −1.09% | $148.96 (−1.24%) |
Aug 24, 2026 9w ago | Insider Buy | $154.08 $150.83 | ▼ −2.11% | ▼ −3.42% | $148.96 (−3.32%) |
Aug 4, 2026 12w ago | EFFECT | $156.08 $150.33 | ▼ −3.68% | ▼ −2.45% | $148.96 (−4.56%) |
Jul 30, 2026 12w ago | S-4/A | $152.74 $152.81 | ▲ +0.05% | ▼ −2.94% | $148.96 (−2.47%) |
Jul 17, 2026 14w ago | S-4 | $145.82 $156.88 | ▲ +7.58% | ▲ +3.46% | $148.96 (+2.15%) |
Jun 11, 2026 19w ago | Institutional Cluster | $143.99 $146.67 | ▲ +1.86% | ▼ −0.03% | $148.96 (+3.45%) |
May 19, 2026 22w ago | 8-K | $143.05 $142.68 | ▼ −0.26% | ▼ −1.00% | $148.96 (+4.13%) |
Apr 24, 2026 26w ago | DEFA14A | $144.19 $142.37 | ▼ −1.26% | ▼ −5.29% | $148.96 (+3.31%) |
Apr 22, 2026 26w ago | 8-K | $141.83 $143.05 | ▲ +0.86% | ▼ −3.77% | $148.96 (+5.03%) |
US Market Status
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