Wisconsin's Bank First finalizes acquisition of in-state rival

January 2, 2026 4:00 PM

In this week's banking news roundup: Wisconsin's Bank First completes its acquisition of in-state rival Centre 1 Bancorp; Citi will report a $1.2 billion pretax loss in connection with its plan to shed its remaining Russian operations; Heritage Financial in Olympia, Washington, received regulatory approvals to acquire Olympic Bancorp; and more.

Bank First in Wisconsin completes acquisition of in-state rival

Bank First in Manitowoc, Wisconsin, has finalized the acquisition of its in-state rival, Centre 1 Bancorp in Beloit, the two companies announced Friday in a press release.

Bank First agreed in mid-2025 to buy the $1.5 billion-asset holding company of The First National Bank and Trust Company, which operated 17 branches in Southern Wisconsin and Northern Illinois, for $174.3 million. The combined entity has approximately $6 billion of assets and will operate about 38 branches across Wisconsin and in northern Illinois, the banks said.

The deal has expanded Bank First services to include trust and wealth management, the bank said. Customers of Bank First now have access to wealth planning, trust administration and investment management services.

Steve Eldred, who served as chairman and CEO of Centre 1, has joined Bank First's board of directors.—Allissa Kline

Citi to report $1.2B loss over sale of Russia operations

Citi will report a $1.2 billion pretax loss in connection with its plan to shed its remaining Russian operations.

The planned sale of AO Citibank to Renaissance Capital is expected to close in the first half of 2026.

Citi said in a securities filing that it will record $1.6 billion in currency transaction losses in its fourth-quarter 2025 results, which will be partially offset by $400 million of expected benefits.

Citi's board approved the sale on Dec. 29 after Russian President Vladimir Putin reportedly green-lighted the transaction.

Piper Sandler analysts wrote in a note that the "cumulative impact of all the moving parts should be neutral" to Citi's common equity Tier 1 capital. "We intend to consider this a one-time item," the analysts wrote.

Citi has been winding down its Russia operations since 2022. Russia invaded Ukraine in February of that year. —Kevin Wack

Heritage Financial expects to close Kitsap Bank acquisition this month

Heritage Financial in Olympia, Washington, has received all of the necessary regulatory approvals to acquire Olympic Bancorp, the holding company of the 117-year-old Kitsap Bank.

Heritage expects the proposed $176.6 million all-stock transaction to close on Jan. 31, it said this week in a press release. It still needs approval from shareholders of both companies.

If completed, the deal would be Heritage's first acquisition since 2018 when it bought Premier Commercial Bancorp in Hillsboro, Oregon. The tie-up with Port Orchard, Washington-based Olympic would result in a bank with approximately $8.8 billion of assets and $7.2 billion of deposits, the companies said when the deal was announced in September.

Heritage Bank has 51 branches in Washington, Oregon and Idaho. Kitsap Bank has 18 locations in Washington, including 11 in Kitsap County.—Allissa Kline

Goldman warns clients about outside law firm’s data breach

Goldman Sachs warned investors in some of its alternative investment funds that their data may have been exposed in a breach at one of the bank's law firms.

In a Dec. 19 letter, Goldman said it had been informed of a "cybersecurity incident" by Fried Frank Harris Shriver & Jacobson, which serves as outside counsel to many of its alternative funds. The bank said it was working with the law firm "to better understand whether our data or our clients' data may have been exposed."

The letter was included in a proposed class action lawsuit filed Wednesday against Fried Frank by Andrew Sacks, an investor in Goldman's Petershill Private Equity Seeding II Offshore Fund.

"Goldman Sachs' systems were not impacted by this incident and remain secure," a spokesperson for the bank said. "As always, we will continue to work to safeguard our clients and their data."

The case is Sacks v. Fried Frank Harris Shriver & Jacobson LLP, 25-cv-10693, US District Court, Southern District of New York. —Chris Dolmetsch and Bob Van Voris, Bloomberg News.

Credicorp to buy Florida bank Helm for $180 million

Peruvian conglomerate Credicorp agreed to buy Miami-based financial firm Helm Bank USA to cater to Latin American clients in the region.

Credicorp owns Peru's largest bank, BCP, and the conglomerate's largest investor is the Romero family, one of Peru's wealthiest. The company agreed to buy Helm for $180 million. The Romero family owns stakes in a number of large businesses in Peru, including packaged-foods producer Alicorp, an insurance company, a private pension fund and the Matarani copper port.

Credicorp said in a statement it was buying Helm to "improve its cross-border capabilities to serve clients with international activities and reinforce its capacity to satisfy the growing needs of Latin American customers."

Helm Bank USA is a community bank founded in 1989 in Florida and authorized to operate in the state. The company reported $601 million in loans at the end of 2024, with a significant concentration in real estate. Most of its loan customers have primary residences outside of the U.S., with Brazilians and Colombians heavily represented. —Marcelo Rochabrun, Bloomberg News

Singapore charges banker tied to ex-lawyer under drug law

Singaporean authorities have charged a local banker under the Misuse of Drugs Act for allegedly arranging a Christmas Eve gathering at which he knew controlled drugs would be consumed, according to a police charge sheet.

Shawn Loo Zhi Jian allegedly met with M. Ravi, a former lawyer, to consume methamphetamine, according to the document dated Dec. 26. Ravi subsequently died, according to a separate statement from the Central Narcotics Bureau and the Singapore Police. The charge sheet didn't connect Loo to Ravi's death.

Loo, who according to his LinkedIn profile was employed as an assistant vice president at Bank of America in Singapore, didn't respond to an email query for comment. A Bank of America spokesman declined to comment.

If convicted, Loo, 40, faces a jail term of as long as 20 years and caning for the offense. Court documents show prosecutors may consider additional charges. —Andrea Tan, Bloomberg News