Bank First Corp., the Manitowoc-based holding company for Bank First, has completed its merger with Tomah Bancshares, Inc., parent company of Timberwood Bank.
The merger was finalized on Friday, May 15, and Timberwood Bank in Tomah opened as a Bank First location on Monday.
“On behalf of Bank First, I would like to wish a warm welcome to Timberwood Bank customers, employees and shareholders who are joining us through this merger,” stated Mike Molepske, president and chief executive officer of Bank First. “I am excited for our future together and affirm our commitment as a relationship-based community bank to continue to serve Tomah and the surrounding communities with personal service and valuable financial solutions.”
The Bank First branch located in downtown Tomah at 1021 Superior Ave. will remain open until the end of this year while the bank completes renovations at the new office at 110 West Veterans Ave.
An opening celebration is scheduled for both the downtown and north Tomah locations the week of June 1-5.
Bank First customers and members of the community will be able to enter daily gift card drawings, as well as nominate a local nonprofit organization to receive a donation from Bank First. Bank First plans to host a grand opening celebration once renovations are complete at the West Veterans location.
Under terms of the agreement, each Timberwood Bank shareholder will receive 5.1445 shares of BFC common stock for each share of Timberwood Bank common stock they own.
The aggregate consideration was approximately $29.4 million based on the $51.04 per share valuation of Bank First common stock on the closing date of May 15.
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