Bank First Signs Definitive Agreement to Acquire Timberwood Bank

Bank First Corporation (NASDAQ:BFC) ("Bank First"), the holding company of Bank First, N.A., announced today the signing of an Agreement and Plan of Merger (the "Agreement") with Tomah Bancshares,

Benzinga · 11/20/2019 14:12

Bank First Corporation (NASDAQ:BFC) ("Bank First"), the holding company of Bank First, N.A., announced today the signing of an Agreement and Plan of Merger (the "Agreement") with Tomah Bancshares, Inc. ("Timberwood Bank"), parent company of Timberwood Bank, a Wisconsin state-chartered bank, under which Timberwood Bank will merge into Bank First in an all-stock transaction.

Under the 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, subject to adjustment in the event that the per share valuations of BFC common stock exceeds or falls below upper or lower bounds, respectively, as defined within the Agreement. The aggregate consideration was originally modeled at approximately $32.6 million but will fluctuate based on the per share valuation of Bank First common stock on the closing date, as defined within the Agreement.