Bank First

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%.

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

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

• Community banking
• Retail banking
• Commercial lending
• Mortgage lending
• Wealth management

Headquarters

HQ city

Manitowoc

HQ country

United States

HQ region

North America

Offices10 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. 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.
2. Non-Interest Income: Fee income from deposit services, electronic banking, wealth management, treasury management services, merchant services, and card transaction fees.
3. 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

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core 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

Named customers2 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

Feature4 records

Partnerships

Six partnerships are on record, tiered major, core and minor.

• PSB Holdings, Inc.majorStrategic or Co-development Partner · 17 June 2026Bank 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.majorStrategic or Co-development Partner · 2 January 2026Bank 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)coreStrategic or Co-development PartnerPartnership 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 SportsminorGTM or Marketing PartnerOfficial 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 ClubsminorGTM or Marketing PartnerCommunity partnership program where Bank First donates $250 per new account opened by club members to support local water ski club fundraising efforts.
• Local Farmers MarketsminorGTM or Marketing PartnerSponsorship 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

Direct 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

• YouTubeyoutube.com/channel/UCFnsYzoTnzy5_sx-4OVBd1w
• Facebookfacebook.com/bankfirstwi
• LinkedInlinkedin.com/company/bankfirst_2
• Instagraminstagram.com/bankfirstwi

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A4 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Bank First