Overview
Update: The deal announced in November 2019 has been completed. Click on the article below to read more about this transaction.
- Herald Times Reporter - USA Today Network-Wisconsin (May 18, 2020)
November 20, 2019 - PR Newswire Press Release
Bank First Corp. Announces All-Stock Acquisition of Tomah Bancshares, Inc.
Barack Ferrazzano Financial Institutions Group recently served as legal counsel to the Wisconsin-based Bank First Corporation (Nasdaq: BFC) ("Bank First") — the holding company of Bank First, N.A — in the signing of a definitive agreement to acquire Tomah Bancshares, Inc. ("Tomah"), in an all-stock merger transaction.
Under the deal, each Tomah shareholder will receive 5.1445 Bank First common shares for each Tomah common share they own, subject to possible adjustment. Tomah, parent company of Timberwood Bank, had approximately $193 million in consolidated assets, $127 million in net loans, $155 million in consolidated deposits, and $20 million in consolidated shareholders' equity as of September 30, 2019. Based on these numbers, as of September 30, 2019, the combined company will have total assets of approximately $2.4 billion, net loans of approximately $1.8 billion, and deposits of approximately $2.0 billion.
The deal is expected to close Spring 2020, subject to customary conditions including regulatory approval and approval by Timberwood Bank shareholders.
The Barack Ferrazzano team was led by Robert M. Fleetwood with assistance by Neil R. Patel. Compensation and employment matters were handled by K.C. Klagos and Andrew J. Gordon.
To learn more about this transaction, visit: https://www.prnewswire.com/news-releases/bank-first-signs-definitive-agreement-to-acquire-timberwood-bank-300961730.html
About Bank First Corporation
Bank First Corporation is a bank holding company headquartered in Manitowoc, Wisconsin with total assets of approximately $2.2 billion. Its principal activity is the ownership and operation of Bank First, a nationally-chartered community bank that operates 23 branches in Wisconsin. The bank's history dates back to 1894 when it was founded as the Bank of Manitowoc.
For more information on Bank First, please visit: www.bankfirstwi.bank.