Bank First Corporations, headquartered in Manitowoc, announced today (yesterday) the signing of an Agreement and Plan of Merger with Denmark Bancshares, the parent company of Denmark State Bank, under which Bank First has agreed to acquire 100 percent of the common stock of Denmark in a combined stock and cash transaction.
Terms include that each Denmark shareholder will have the option to receive either $38.10 in cash per share or 0.5276, approximately $1.50 of a share of Bank First’s common stock, in exchange for each share of Denmark common stock, subject to customary proration and allocation procedures, such that no less than 80 percent of Denmark shares will receive stock consideration and no greater than 20 percent will receive cash consideration with the aggregate consideration valued at about $119 million.
A joint news release states that both parties and their customers will benefit through an enhanced suite of products and services, strengthening Bank First’s franchise through greater deposit market share in Northeast Wisconsin and Denmark’s expertise in agricultural banking along with Bank First’s commitment and scale will allow the combined organization to better serve farmers across Wisconsin.
Both institutions’ Board of Directors have approved The Agreement and Plan of Merger, targeted to take place early in the third quarter of this year, which is subject to customary closing conditions including regulatory and shareholders approval.
No word on how this merger will affect jobs or possible consolidation of locations.
