Bank First National in Manitowoc, Wis., has agreed to buy Partnership Community Bancshares in Cedarburg, Wis.
The $1.8 billion-asset Bank First said in a press release Wednesday that it will pay $41 million in cash and stock for the $307 million-asset Partnership. The deal is expected to close in mid-July.
Partnership has $267 million in loans and $262 million in deposits.
The move will allow Bank First to more than quadruple its deposits in Wisconsin’s Ozaukee County.
“With Partnership’s community involvement, strong deposit base, superior credit quality, and relationship model of banking, it was evident from the start this would be the perfect fit,” Mike Molepske, Bank First’s president and CEO, said in the release.
Sandler O'Neill and Alston & Bird advised Bank First. Piper Jaffray and Godfrey & Kahn advised Partnership.
Partnership is the third Wisconsin bank this week to announce it was being sold.
Citizens Community Bancorp in Eau Claire, Wis.,
