Manitowoc-based Bank First National Corp. has agreed to acquire Cedarburg-based Partnership Community Bancshares Inc. for approximately $41 million in stock and cash, the companies announced today. The transaction is expected to close July 12, pending regulatory and shareholder approval.

Partnership Bancshares operates Partnership Bank, a state-chartered community bank established in 1894 that has four Wisconsin branches, in Cedarburg, Mequon, Watertown, and Tomah. As of Dec. 31, Partnership had $307 million in total assets, $261.6 million in deposits, $267.1 million in net loans, and $21.6 million in consolidated stockholders’ equity. As of Sept. 30, its net income year-to-date was $2.4 million and it had 61 employees.

Bank First National operates Bank First National Association, which has 18 branches in northeastern Wisconsin. It was founded in 1894 as Bank of Manitowoc. As of Sept. 30, Bank First had 253 employees, and about $1.7 billion in total assets, $1.5 billion in total deposits, $1.4 billion in net loans and leases, and $20.1 million in net income year-to-date. Bank First is a public company that trades on the Nasdaq Stock Market.

Combined, the company would have $2.1 billion in assets, about $1.7 billion in loans and $1.8 billion in deposits. 

Read more in BizTimes Milwaukee.