Press Release February 15, 2022

Bank First Corporation Acquires Denmark Bancshares, Inc.

Alston & Bird client Bank First Corporation, the holding company for Bank First N.A., has announced a definitive agreement to acquire Denmark Bancshares Inc., parent company of Denmark State Bank, in a deal valued at approximately $119 million.

Headquartered in Manitowoc, WI, Bank First Corporation has 293 employees in 21 offices across nine counties in Wisconsin and oversees approximately $2.9 billion in total assets.

Denmark Bancshares Inc., founded in 1909, is based in Denmark, WI and operates 7 offices across the state. It has $687.6 million in total assets.

Upon the deal’s completion, 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 acquisition is anticipated to close early in the third quarter of 2022, pending the receipt of regulatory approval and the satisfaction of other customary closing conditions.

Advising Bank First Corporation is an Alston & Bird team led by partners Mark Kanaly and David Park, (Financial Services & Products) and consisting of partners Cliff Stanford, Patrick Hanchey (Financial Services & Products), Heather Ripley (Federal & International Tax), Blake MacKay (Employee Benefits & Executive Compensation), and Brett Coburn (Labor & Employment), counsel Kerry Wenzel (Employee Benefits & Executive Compensation), senior associates Meredith Gage (Employee Benefits & Executive Compensation), John Gerl (Financial Services & Products), and Seth Buchwald (Federal & International Tax) and associates Lizzie Dunn and Jack Stephens (Financial Services & Products)
Media Contact
Alex Wolfe
Communications Director

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