Bank First
Bank First is a Wisconsin-based community bank holding company (NASDAQ: BFC) operating 38 branches across Wisconsin and northern Illinois with ~$6 billion in assets, serving consumers, small businesses, agricultural operators, and municipalities with deposits, lending, treasury, and wealth services.
- Company typePublic
- Founded1982
- HeadquartersManitowoc, United States
- Headcount251–500
- GTM typeB2B and B2C
- OfferingServices
What Bank First does
Bank First Corporation is a publicly traded bank holding company (NASDAQ: BFC) headquartered in Manitowoc, Wisconsin, operating Bank First, N.A. as its primary banking subsidiary. Founded in 1982 and built through an aggressive acquisition cadence (Denmark State Bank 2022, Hometown Bank 2023, FNBT and Centre 1 Bancorp in January 2026, with PSB Holdings and Peoples State Bank agreements pending), the company has scaled to approximately $6.07 billion in total assets across 38 branches serving Wisconsin and the Stateline area of Illinois. The institution serves individual consumers, small-to-mid-size businesses, agricultural operators, municipalities, non-profits, and military/veteran households with deposit accounts, mortgages and consumer loans, commercial and agricultural lending, treasury management, merchant services, and wealth management delivered through the AdviceWorks platform.
The core technology layer comprises the goBank mobile application (iOS/Android), an online banking platform with Zelle P2P, bill pay, mobile deposit, and credit score monitoring powered by TransUnion, the SecureNow multi-factor identity verification system, and integrations with Apple Pay, Google Pay, Samsung Pay, MoneyPass ATMs, Quicken, and Optimal Blue for mortgage pricing. Digital banking infrastructure was upgraded with a new platform launched in November 2025 following a Friends and Family pilot. Bank First @ Work operates as an employer-partnership channel bundling banking benefits and loan discounts for schools, municipalities, and partner businesses, while a WHEDA partnership extends first-time homebuyer financing.
The revenue model is that of a traditional spread-driven commercial bank: net interest income from mortgages, commercial loans, agricultural loans, and consumer lending is the primary engine, supplemented by non-interest fee income from deposit services, electronic banking, wealth management, treasury management, merchant services, and card transactions. Customer acquisition is relationship-led via regional and market presidents staffing the branch network, complemented by digital channels and community sponsorships (USA Water Ski & Wake Sports, local farmers markets). Q1 2026 reported GAAP net income of $20.0 million ($25.1 million adjusted for one-time acquisition expenses), with a quarterly cash dividend of $0.55 per share representing a 10% sequential increase and a trailing twelve-month stock return of 31%.
Bank First firmographics
Firmographics- Name
- Bank First
- Legal name
- Bank First, N.A.
- Website
- https://bankfirst.com
- Company type
- Public
- Founded year
- 1982
- Operating status
- Operating
- Headcount range
- 251–500 employees
- Short description
- Bank First is a Wisconsin-based community bank holding company (NASDAQ: BFC) operating 38 branches across Wisconsin and northern Illinois with ~$6 billion in assets, serving consumers, small businesses, agricultural operators, and municipalities with deposits, lending, treasury, and wealth services.
- Ownership category
- akta.pro rank
Bank First industry classification
Industry- Product category
- Retail Banking
- NAICS
- Commercial Banking (52211), Offices of Bank Holding Companies (551111), Commercial Banking (522110)
- SIC
- National Commercial Banks (6021), State Commercial Banks (6022)
- akta.pro primary industry
- Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA)
- akta.pro secondary industries
- Small Business Banking (Microbusiness/Sole Proprietor) (FSABAAAI), Branch & In-Person Banking (Teller/ATM Networks) (FSABAAAE)
Keywords
Where Bank First is headquartered
LocationHeadquarters
- HQ city
- Manitowoc
- HQ country
- United States
- HQ region
- North America
Offices10 records
Markets served
Bank First business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales
Revenue model
- Interest Income: Primary revenue from lending activities including mortgages, commercial loans, agricultural loans, and consumer loans. The bank earns interest spreads between borrowing and lending rates.
- Non-Interest Income: Fee income from deposit services, electronic banking, wealth management, treasury management services, merchant services, and card transaction fees.
- Dividend Payments: Quarterly cash dividends to shareholders, with Q1 2026 dividend of $0.55 per share representing a 10% increase from prior quarter.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Monthly | Standard deposit account pricing with various checking and savings options |
Go-to-market motion1 record
Distribution channels3 records
Marketing channels5 records
Bank First product offering
Product offeringCore offering
Bank First is a community bank holding company that provides consumer and business banking products and services through a network of 38 branches across Wisconsin and the Stateline area of Illinois. Its offerings span deposit accounts, mortgages, personal and commercial loans, treasury management, merchant services, and trust and wealth management, supported by digital and mobile banking channels.
Product overview
Bank First is a regional bank holding company headquartered in Manitowoc, Wisconsin, offering a unified platform of consumer and commercial banking products delivered through physical branches, its goBank mobile app, and Online Banking. The core product portfolio spans personal deposit accounts (checking, savings, money market, CDs), consumer lending (mortgages, auto loans, student loan refinance, recreational loans, land loans), and business banking (business checking, business money market, agricultural and municipal loans, treasury management including merchant services and Positive Pay). Wealth and trust services are delivered via the AdviceWorks platform. The bank supplements its core offerings with a suite of digital tools including financial calculators, Credit Score monitoring, SecureNow identity verification, and the Bank First @ Work employer benefits program. The bank has been expanding through acquisitions including FNBT, Centre 1 Bancorp (whose First National Bank and Trust division operates as a transitional brand pending full integration), and the announced Peoples State Bank acquisition.
Differentiator
Problem solved
Functional benefit
Brands
- goBank: Mobile banking application for iOS and Android devices
- Bank First Digital
- GWAccess
Products and services
- goBank Mobile App Bank First's flagship mobile banking application for iOS and Android providing 24/7 account access, mobile deposits, fund transfers, bill pay, and Zelle P2P payments for consumer and business customers.
- Online Banking Web-based digital banking platform providing real-time account access, transaction history, fund transfers, eStatements, and integrated Credit Score monitoring and Financial Manager tools.
- Checking Accounts Suite of personal checking account products (Simply First, Student First, Senior First, First Rate, First Rewards, Military First) tailored to different consumer segments with distinct fee structures and benefit levels.
- Savings Accounts Personal savings products including First Savings, Savings Elite, Investment Savings, Holiday Savings, IRA Savings, Health Savings Accounts, and Kids' Club for individuals and families.
- Mortgages Comprehensive mortgage lending suite including purchase mortgages, refinance loans, construction loans, home equity lines of credit, and government programs (FHA, VA, USDA, WHEDA) for first-time and experienced homebuyers.
- Personal Loans Consumer lending products including student loan refinancing, auto loans, recreational vehicle and boat loans, hunting and recreational land loans, and general personal loans.
- Money Market Accounts Interest-earning money market deposit accounts (Money Market, Money Market Elite) combining savings features with limited check-writing access.
- Certificate of Deposit Accounts Fixed-term deposit products including promotional CD Special rates with competitive yields and various maturity terms.
- Business Checking Accounts Business deposit accounts (Small Business Checking, Basic Business Checking, Premium Business Checking, Non-Profit Business Checking) with varying fee structures and feature sets.
- Business Money Market Accounts Business money market deposit accounts (Business Money Market, Business Money Market Elite) offering interest-bearing deposits with limited withdrawal flexibility for business owners.
- Business Loans Commercial lending products including agricultural loans for farm operations and municipal financing for government entities and public projects.
- Treasury Management Cash management and treasury services for business clients including merchant services, Positive Pay fraud protection, ACH processing, and electronic payment solutions.
- Trust and Wealth Management Comprehensive wealth management and trust services including trust administration, investment portfolio management, legacy planning, brokerage services, and market review delivered through the AdviceWorks platform.
- Debit and Credit Cards Bank First branded debit Mastercard and credit cards with card management controls, digital wallet integration (Apple Pay, Google Pay, Samsung Pay), MoneyPass ATM access, and rewards programs.
- Electronic Banking Services Electronic banking services including online bill payment, Zelle peer-to-peer payments, and Telebanc telephone banking for account access and transactions without visiting a branch.
- Business Savings Accounts Business savings products including First Savings Business and IntraFi network deposit solutions for business customers.
Quantifiable outcome
- NPS Score of 81 indicating high customer satisfaction
- +2 more outcomes
Companies that use Bank First
Customer profileNamed customers2 records
Segments4 records
Ideal customer profiles4 records
Bank First technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration5 records
Feature4 records
Bank First partnerships and signals
Strategic signalPartnerships
Six partnerships are on record, tiered major, core and minor.
- PSB Holdings, Inc.majorBank First Corporation announced merger agreement with PSB Holdings, Inc. PSB Holdings has a 61-year tradition of cash dividends and 33 consecutive years of increased dividends. The merger is anticipated to close in December 2026, creating a larger regional banking entity.
- Centre 1 Bancorp, Inc.majorBank First completed acquisition of Centre 1 Bancorp, Inc., parent company of The First National Bank and Trust Company, adding approximately $1.48 billion in assets and establishing new Stateline Region in Illinois.
- WHEDA (Wisconsin Housing and Economic Development Authority)corePartnership to offer WHEDA loans including low to no down payment options, reduced PMI costs, 30-year fixed rates, down payment assistance programs, and lower interest rates for first-time homebuyers and income-qualified borrowers.
- USA Water Ski & Wake SportsminorOfficial bank of USA Water Ski & Wake Sports. Supports water ski clubs through fundraising initiatives where new account openings result in $250 donations to local clubs.
- Local Water Ski ClubsminorCommunity partnership program where Bank First donates $250 per new account opened by club members to support local water ski club fundraising efforts.
- Local Farmers MarketsminorSponsorship of local farmers markets in Wisconsin communities as part of community engagement and brand visibility efforts.
Scale indicators10 records
Recent moves7 records
Expansion highlights5 records
Bank First competitors and assessment
Company assessmentDirect peers
- Nicolet Bankshares Inc. Wisconsin-based community bank holding company of similar size (~$8B assets), operating a comparable mix of retail, commercial, and wealth-management banking across Wisconsin and the Upper Midwest — making it the closest direct peer in geography and product mix.
- Wintrust Financial Corporation: Chicago-area community banking franchise (~60B assets) built through serial de novo and acquisitions of local community banks — directly comparable as a Midwest-focused community/commercial bank that has scaled via roll-up while preserving local branding.
- Lakeland Financial Corporation: Indiana-based community bank holding company (~$10B assets) operating a near-identical business model of relationship-based retail and commercial banking with treasury and wealth services — relevant peer for community-bank growth, profitability, and premium valuation framing.
- First Merchants Corporation: Indiana-based community/commercial bank (~$18B assets) that has grown substantially via acquisitions, providing a directly comparable Midwest M&A-driven community banking platform with similar product breadth and deposit-funded balance sheet.
- QCR Holdings, Inc. Iowa-based multi-bank holding company (~$10B assets) with a comparable Midwest community-bank footprint (Illinois, Iowa, Wisconsin, Missouri) and similar scale, providing strong comparability on regional community banking economics.
- West Bancorporation: Iowa-based community bank holding company (~$5B assets) operating a retail and commercial banking franchise of similar size to Bank First pre-Centre 1 — useful as a like-for-like benchmark on community-bank valuation, profitability, and dividend behavior.
- First Busey Corporation: Illinois-headquartered community bank holding company (~$15B assets) with comparable Midwest community/commercial banking footprint, wealth management, and acquisition-led growth strategy directly relevant to Bank First's profile.
- Heartland Financial USA / Veritex Community Bancshares: Multi-state community bank holding company that grew primarily through bank acquisitions across the Midwest and Sunbelt — useful as a comparative case study for serial-acquisition integration and premium community-bank valuation.
Broad incumbents
- Associated Banc-Corp: Much larger Wisconsin-headquartered bank holding company (~$30B+ assets) with overlapping retail, commercial, and wealth services across Wisconsin and neighboring states; comparable in customer targeting though materially larger and more diversified.
- Commerce Bancshares, Inc. Missouri-headquartered community/commercial bank holding company (~$30B assets) with strong retail, commercial, and wealth operations across the Midwest — comparable operating model and dividend culture, though at significantly larger scale.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
Bank First social profiles
Digital presenceBank First compliance and trust
Trust signalCompliance4 records
Bank First financial estimates
Financial estimateRevenue estimate
Valuation estimate
Bank First leadership team
Management profileNumber of profiles
Profiles12 records
Bank First subsidiaries and ownership
Company hierarchySubsidiaries3 records
Bank First funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Bank First M&A and investment
M&A and investmentM&A4 records
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Bank First
What does Bank First do?
Bank First is a community bank holding company that provides consumer and business banking products and services through a network of 38 branches across Wisconsin and the Stateline area of Illinois. Its offerings span deposit accounts, mortgages, personal and commercial loans, treasury management, merchant services, and trust and wealth management, supported by digital and mobile banking channels.
Is Bank First a public or private company?
Bank First is a public company. It is classified as public and is currently operating.
When was Bank First founded?
Bank First was founded in 1982. It employs 251 to 500 people.
Where is Bank First based?
Bank First is headquartered in Manitowoc, United States, in the North America region.
How does Bank First make money?
Three revenue lines are on record. Interest Income is the primary driver. The others are non-Interest Income and dividend Payments.
Who are Bank First's main competitors?
Direct peers on record are Nicolet Bankshares Inc., Wintrust Financial Corporation, Lakeland Financial Corporation, First Merchants Corporation, QCR Holdings, Inc., West Bancorporation, First Busey Corporation and Heartland Financial USA / Veritex Community Bancshares. Broad incumbents are Associated Banc-Corp and Commerce Bancshares, Inc..
Does Bank First have an API?
No public API is recorded for Bank First.
What industry is Bank First in?
Bank First's product category is Retail Banking. Its primary akta.pro industry code is FSABAAAA, Mass-Market Consumer Deposit Banking (Checking/Savings), with a secondary code of FSABAAAI, Small Business Banking (Microbusiness/Sole Proprietor). Its NAICS code is 52211 and its SIC code is 6021.