Bank First National in Manitowoc, Wis., has agreed to buy Waupaca Bancorp. in Waupaca, Wis.

The $1.3 billion-asset Bank First said in a press release Friday that it will pay $76.3 million in cash and stock for the $473 million-asset Waupaca.

Mike Molepske is president and CEO of Bank First National in Wisconsin.
Bank First National's latest acquisition should provide "operational efficiencies," said Mike Molepske, the company's president and CEO.

"We are very excited to be … increasing our footprint in Wisconsin," Mike Molepske, Bank First’s president and CEO, said in the release. "The merger provides opportunity for operational efficiencies and the opportunity to leverage the strengths of both institutions."

Sandler O'Neill and Alston & Bird advised Bank First. Hovde Group and Foley & Lardner advised Waupaca.

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