Bank First in Manitowoc, Wis., has agreed to buy Tomah Bancshares in Wisconsin.
The $2.2 billion-asset Bank First said in a press release Wednesday that it will pay $32.6 million in stock for the parent of the $193 million-asset Timberwood Bank. The deal is expected to close this spring.
Timberwood has $127 million in loans and $155 million in deposits.
The acquisition “reinforces our strategic initiative of providing relationship-based community banking throughout” Wisconsin, Mike Molepske, Bank First’s president and CEO, said in the release.
“We are thrilled for the opportunity to deliver the latest banking technologies to more families, businesses, and nonprofit organizations in the Tomah area while staying true to our core principles of community banking,” Molepske said.
Sandler O'Neill and Barack Ferrazzano Kirschbaum & Nagelberg advised Bank First. Vining Sparks IBG and Godfrey & Kahn advised Tomah.
