Bank First acquires Peoples State Bank, expands WI footprint

Rachel Kroeger

Staff

November 9, 2026

WISCONSIN – After obtaining the necessary regulatory approvals in late September, Bank First and Peoples State Bank are set to make their merger official in just one month.

“We close Dec. 4, and [Peoples] branches will open as Bank First branches Dec. 7,” Mike Molepske, Bank First Chairman and CEO, said.

Describing it as “a long process,” Molepske said acquisitions like this don’t happen over days or months – they take years.

“We’ve known Peoples for a long time and have worked together in different ways over the years” he said. “As we got to know Scott Cattanach and his team better, we developed a good relationship. So, when the opportunity came along to bring the two banks together, there was already a lot of trust and familiarity there.”

Having a pre-established relationship between Bank First and Peoples – in which they competed where appropriate and collaborated when able – Molepske said, aided greatly in the acquisition.

“Community banks work together quite a bit,” he said. “We participate in loans, share knowledge about different markets, and get to know each other over time. We’ve had a great relationship with Scott and the Peoples team for many years, so this wasn’t a relationship that started with the merger.”

Prior to the acquisition, Molepske said Bank First’s northernmost branch – save for its Door County location – was in Shawano, making Peoples an attractive opportunity to expand both its available resources and physical footprint.

“And we don’t have a presence in Waukesha County either,” he said. “So, we don’t have a presence in any of the counties Peoples is located in.”

With geographical opportunity ranking high on Bank First’s list of ideal acquisition characteristics, Molepske said another factor that made Peoples stand out was its culture.

“A true community bank is built on relationships, and Peoples has done that very well,” he said. “Their customers know their bankers, and their bankers know their communities. That was a big part of why we felt this was such a good fit.”

‘Willing to give us a try’

Stepping into North Central Wisconsin and Waukesha County for the first time, Molepske said Bank First is making intentional efforts to ensure those who’ve been serving local customers remain in place – despite laying off more than 45 people in the process, per an Oct. 1 report to the Wisconsin Department of Workforce Development.

“For customers, the important thing is that the people they know and trust in their local offices will still be there,” he said. “We’ve also been fortunate to welcome Peoples employees in areas such as treasury management, credit, and compliance. There are naturally some areas where the two organizations overlap, but we’ve been very focused on taking care of our customers and employees through the transition.”

Through September and October, Molepske said he personally visited the North Central area to meet with Peoples customers, staff, and shareholders.

“It’s gone very smoothly,” he said. “[I’m] just impressed and so pleased at the character of the folks. They’re welcoming and excited, and going to give Bank First a try.”

With several different stakeholders at play, Molepske said he’s encouraged by customers’ initial response and the Peoples shareholders’ interest in Bank First as a partner.

“The shareholders for Peoples had a choice – they selected to come and partner with Bank First – but we recognize the employees and the customers didn’t have a choice,” he said. “They chose to bank with Peoples, so we have to earn their trust every day, right from the get-go. [We’re] so happy they’re willing to give us a try and have a real positive attitude.”

Regardless of where it is headquartered – currently, in Manitowoc at 402 N. 8th St. – Molepske said customers in North Central Wisconsin and beyond can expect the same community-minded service for which Bank First is known.

“To me, community banking means knowing your customers and understanding the whole relationship, not just one account or one need,” he said. “It also means being committed to the communities we serve. We support local organizations through sponsorships and donations, and our employees give back their time by volunteering. That local involvement is a big part of what being a community bank means to us.”

Personable, modern banking

Though, initially, Bank First was planning to close the soon-to-be-former Peoples branch on Rib Mountain Road near Wausau, Molepske said “after further review,” Bank First reversed course and chose to invest in the area with a brand-new building.

“We’re building a new office that will serve as our hub in the Wausau area,” he said. “It’s an important investment for us and reflects our commitment to being part of that community for the long term.”

In addition to the new Wausau office, Molepske said Bank First also has plans to stand up new branches in Weston and Plover and move in local staff once complete.

“So, we’re pleased to announce we’re going to be building three new offices in those Northwoods, and we’re not done,” he said. “We just started.”

As one of the “top 10 performing banks” in the U.S. – per Bank Director’s 2026 RankingBanking study, released Aug. 25, 2026, which ranked the 300 largest publicly traded banks according to year-end 2025 data – Molepske said Bank First is excited to use the resources it has to do good in the communities it serves.

“Being financially strong gives us the ability to keep investing in the things that matter, our employees, our customers, our communities, and our facilities,” he said. “Those investments are an important part of being a strong, independent community bank.”

Molepske said Bank First intentionally invests in constructing quality and efficient buildings that help lift the spirits of both customers and employees.

“We want our offices to be bright, welcoming spaces with lots of natural light and really good air quality,” he said. “We use sustainable materials, including things like recycled fishing nets in our chairs and recycled tires in our entryways. We also try to use local contractors and feature work from local artists, so the building has a connection to the community. We put a lot of thought into creating an environment where employees enjoy coming to work every day, because we believe that translates into a better experience for our customers.”

Regardless of declining annual branch visits, paired with the digitization of modern banking, Molepske said Bank First still believes in having a physical location with on-site staff to assist and consult with customers.

“Customers are doing more of their everyday banking digitally, so naturally they don’t need to come into an office as often,” he said. “But that doesn’t mean the office isn’t important. We want to give customers great digital options while still being there locally when they want to sit down with someone and have a conversation.”

Molepske said this also means job opportunities at banks will begin to evolve as technology and automation achieve more and more convenience for the customer.

“The role of a community banker is changing,” he said. “As more routine transactions move to digital channels, our employees have an opportunity to do more for customers. That means understanding their needs, answering questions, and connecting them with the right person, whether that’s for a loan, a mortgage, a trust relationship, or something else. We’re investing in our employees so they can continue building those skills and growing in their careers.”

However, the opportunity for customers to be greeted by local staff when they “come in and say hi,” Molepske said, will forever be priceless.

“You still have to be part of the community,” he said. “Our customers want to know their banker. There’s something important about seeing that person at the grocery store or around town and knowing they live and work in the same community you do.”

This attitude is evident by the fact that Bank First “doesn’t have a 1-800 number” for customers to call.

“We want our customers to call their local office and talk to someone who knows them and can help,” he said. “We have additional support when it’s needed, but that local relationship is really important to us.”

For more, visit bankfirst.com.