• Bank First agreed to acquire PSB Holdings in a stock-for-stock deal that values each PSB common share at 0.3470 shares of Bank First common stock.
• The transaction is expected to close in Q4 2026, with PSB merging into Bank First followed by Peoples State Bank merging into Bank First, N.A.
• The exchange ratio can be reduced if PSB’s tangible book value at closing is below USD 122.84 million.
• PSB preferred stock is slated to be bought out in a separate purchase transaction before closing; failing that, it would convert into a new series of Bank First preferred stock with substantially comparable terms.
• PSB would owe Bank First a USD 8.12 million termination fee in specified scenarios, including acceptance of a superior proposal.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. PSB Holdings Inc. published the original content used to generate this news brief on May 20, 2026, and is solely responsible for the information contained therein.