Financial Services Acquisitions in Wisconsin

Bank First Corporation (Nasdaq: BFC) has completed its acquisition of Centre 1 Bancorp, Inc., the parent company of The First National Bank and Trust Company. The deal brings First National’s trust and wealth management capabilities into Bank First, expands the combined footprint to 38 branches across Wisconsin and the Stateline area of Illinois, and creates a combined organization with approximately $6 billion in assets.

Merit Financial Advisors has acquired Mennenga Tax & Financial, adding $715 million in client assets and more than 35 employees. Founder Marshall Mennenga will join Merit as Wealth Manager, Tax Advisor, and Partner; the deal expands Merit's tax planning and wealth management capabilities in Wisconsin and provides Mennenga access to Merit’s technology and resources. The transaction closed on October 31, 2025; financial terms were not disclosed and FP Transitions advised on the deal.

Edelman Financial Engines (EFE) has acquired Hasenberg Financial Group, a wealth advisory firm based in Eau Claire, Wisconsin led by founder Chris Hasenberg. The deal brings Hasenberg's ~$300 million in client assets and 750+ clients onto EFE's platform as part of EFE's regional growth and selective M&A program.

Atlas Financial Services (Atlas) has acquired Central Wealth Management (CWM), an RIA based in Madison, Wisconsin, bringing Atlas' assets under management to more than $230 million. CWM will operate under the Atlas brand with its Madison office retained; founder Eric Heiting will become President and Head of Wealth Management at Atlas as the firm expands its AI-driven wealth platform and mass-affluent offerings.

Merit Financial Advisors, a Georgia-based wealth management firm, has acquired AMP Wealth Management of Whitefish Bay, Wisconsin, adding $365 million of assets and expanding Merit's Midwest footprint with a seventh office in Wisconsin. AMP's founder Dr. Jerome Mahalick and his team will join Merit, and AMP's dividend-focused investment strategy will be integrated into Merit's platform; financial terms were not disclosed.

Walkner Condon Financial Advisors has acquired King Financial Group of Verona, Wisconsin, adding a third Madison-area office and expanding local wealth management capacity. Andy King will join Walkner Condon's team and continue serving clients from the Verona location, strengthening the firm's local presence and client coverage across Dane County.

Bluespring Wealth Partners, a Kestra-owned acquirer of independent RIAs, has acquired Charter Capital Management, a Brookfield, Wisconsin-based wealth management firm overseeing more than $400 million in AUM. The deal brings Charter’s four-advisor team onto the Bluespring platform to leverage Bluespring’s operational resources and succession-planning capabilities to support growth and advisor succession.

Creative Planning, a large independent wealth management firm based in Overland Park, Kansas, acquired Kowal Investment Group, an RIA based in Brookfield, Wisconsin. The deal closed December 21, 2024; Kowal's 20 employees and approximately $1.3 billion in AUM joined Creative Planning as part of the firm's ongoing nationwide expansion.

Aquarian Holdings has acquired a majority stake in PACE Equity and committed up to $1 billion of financing to scale the firm's commercial PACE (C-PACE) lending platform. The investment will expand PACE Equity's capacity to fund commercial green building projects and broaden its market reach across the U.S.

Mercer Global Advisors, Inc. (Mercer Advisors) has acquired RMR Wealth Advisors, LLC, a Madison, Wisconsin-based wealth management firm founded in 2009. The deal brings RMR’s team, approximately $350 million in AUM and ~150 clients into Mercer’s national RIA platform to expand Mercer’s family office and wealth management capabilities.

First Mid Bancshares, Inc. will acquire 100% of Blackhawk Bancorp, Inc. in a stock-for-stock merger in which Blackhawk shareholders will receive 1.15 shares of First Mid common stock for each share of Blackhawk common stock (aggregate consideration of approximately $90.3 million based on First Mid's March 20, 2023 share price). The transaction expands First Mid's footprint with Blackhawk's 10 branches in Wisconsin and Illinois, is expected to close in the second half of 2023 subject to regulatory and shareholder approvals, and is projected to be accretive to EPS with significant cost savings and liquidity benefits.

Guild Mortgage, a San Diego-based national lender, has acquired Inlanta Mortgage, a Wisconsin-based independent mortgage lender that serves borrowers across multiple Midwestern states. The deal (terms undisclosed) expands Guild's footprint in the Midwest and adds Inlanta's origination and servicing capabilities and branch/loan officer relationships to Guild's platform.

Wings Credit Union has agreed to acquire SB Bancorp, Inc., the holding company for Settlers bank, including Settlers' three Wisconsin branches in Appleton, Madison and Windsor. The transaction — subject to state and federal regulatory approval and expected to close in mid-2023 — will rebrand the locations as Settlers Best Credit Union, a division of Wings, advancing Wings' geographic expansion into Wisconsin.

Hub International Limited acquired the assets of Compass Insurance Services, Inc., a Kronenwetter, Wisconsin–based independent insurance agency. The acquisition expands Hub’s commercial and personal insurance capabilities in the Midwest and brings the Compass team, led by President John Guerndt, into Hub Midwest West.

Dupaco Community Credit Union of Dubuque, Iowa completed an all-cash purchase-and-assumption transaction for the assets and liabilities of Home Savings Bank (a subsidiary of Home Bancorp Wisconsin, Inc.). Following the transaction Home Savings Bank will enter liquidation under Wisconsin law and Home Bancorp Wisconsin, Inc. will dissolve and distribute remaining assets to its stockholders.

Tradepost, LLC sponsored GO Companies, LLC’s acquisition of GO Mortgage, a national residential mortgage bank. The deal forms part of a broader strategy by GO Companies to build a vertically integrated residential real estate platform (including brokerage, title and insurance) to provide end-to-end services for homebuyers.

Bank First Corporation (Nasdaq: BFC) signed a definitive Agreement and Plan of Merger to acquire 100% of the common stock of Denmark Bancshares, Inc., parent of Denmark State Bank, in a combined stock-and-cash transaction valued at approximately $119 million. The deal (targeted to close early Q3 2022) expands Bank First's franchise in Northeast Wisconsin, increases deposit market share and adds Denmark's agricultural banking expertise to the combined organization.

Athene agreed to acquire a controlling stake in Aqua Finance, a Wisconsin-based consumer lending platform, from funds managed by Blackstone Tactical Opportunities at a valuation of approximately $1 billion. Apollo will manage the investment on behalf of Athene, while Blackstone will retain a minority stake; the investor group plans to support growth through technology investments and expanded origination capacity.

Greenwich-based Pillsman Partners, together with Peninsula Capital Partners, completed a recapitalization of Edge One Inc., a Stoughton, Wisconsin-based provider of ATMs and related financial equipment and services. The transaction, which closed December 4, 2020, provides Edge One with capital to support organic growth and targeted acquisitions while retaining participation by the company’s owners and management.

The management team of Geneva Capital Management, in partnership with Estancia Capital Management, completed a management buyout of Geneva from Janus Henderson Group on March 17, 2020. The deal returns Geneva to majority employee ownership, preserves the firm's investment autonomy, and positions the firm for continued growth (terms not disclosed).

Nicolet Bankshares, Inc. (NASDAQ: NCBS) agreed to acquire Advantage Community Bancshares, Inc. and its banking subsidiary, Advantage Community Bank, in an all-cash transaction. The deal, which consolidates Nicolet’s presence in Central Wisconsin and expands its small-business and commercial banking footprint, was approved by both boards and expected to close in Q3 2020 subject to shareholder and customary approvals.

Motive Partners acquired a majority interest in Fiserv’s Investment Services business, with Fiserv retaining a 40% equity stake. The business was rebranded as Tegra118 and will be led by Cheryl Nash as CEO while Motive Partners will focus on modernizing the platform and investing in growth and integrated solutions.

Nicolet Bankshares, Inc. agreed to acquire Commerce Financial Holdings, Inc. and its wholly owned subsidiary Commerce State Bank in a stock-for-stock merger, with Nicolet as the surviving corporation. The transaction, valued at approximately $129.6 million (based on Nicolet's share price at announcement), expands Nicolet's assets and branch footprint in Wisconsin and is expected to close in Q3 2020 subject to shareholder and regulatory approvals.

Abrigo, a provider of compliance, credit risk and lending technology for community financial institutions, acquired Wisconsin-based FARIN Financial Risk Management to bolster its enterprise risk management and asset-liability management capabilities. The deal is an add-on to Abrigo (which is backed by private equity firm Accel-KKR) intended to expand product and advisory offerings for community banks and credit unions.