Alston & Bird client Bank First National Corporation, the holding company of Bank First, National Association, has entered into a definitive agreement to acquire Partnership Community Bancshares, Inc., parent company of Partnership Bank, in a combined stock-and-cash transaction valued at $41.0 million.
The deal will allow Bank First, the ninth-largest bank headquartered in Wisconsin, to expand its footprint in the state by adding four full-service branches from Partnership, which is also based in Wisconsin, and giving the bank its first branch presence in metro Milwaukee.
Upon completion of the deal, the combined company will have 22 bank branches and approximately $2.1 billion in total assets, $1.8 billion in total deposits, and $1.7 billion in total loans.
The agreement and merger plan were approved by both banks’ boards of directors. The companies are targeting the third quarter of 2019 to close the transaction, which is subject to customary conditions.
Advising Bank First on the deal is an Alston & Bird team led by partner Mark Kanaly, senior associate David Park, and associates John Hobgood and John Gerl of the firm’s Financial Services & Products Group.