Bank First's acquisition of Peoples State Bank is set to close in early December, bringing the Manitowoc-based bank into north-central Wisconsin for the first time.
Chairman and CEO Mike Molepske said the banks will close the deal Dec. 4 after receiving regulatory approvals in late September, and Peoples branches will reopen as Bank First branches Dec. 7. He said customers can expect to be helped by the same local employees in those offices.
Before the deal, Bank First said its northernmost branch apart from Door County was in Shawano, and it had no presence in the counties where Peoples operates. Molepske cited the geographic fit and Peoples' community-bank culture as reasons for the combination.
Instead of closing the former Peoples branch on Rib Mountain Road near Wausau, Bank First reversed course and plans to build a new office to serve as its Wausau-area hub. The bank also plans new branches in Weston and Plover.
The company said the transition did include layoffs of more than 45 people reported to the state Department of Workforce Development on Oct. 1, where the two organizations overlapped, while other Peoples employees moved into roles in areas such as treasury management, credit and compliance.
