Bank First and Timberwood Bank Merger
Welcome Timberwood Bank customers! Our goal is to make your transition to Bank First as seamless and easy as possible. As we continue to move through the merger process, more information on your transition to Bank First will become available.
Questions? Please contact your nearest Bank First office.
November 20, 2019 | Bank First Signs Definitive Agreement to Acquire Timberwood Bank
Coming Together As One
Why did Timberwood Bank choose Bank First?
- Bank First is a Wisconsin-based homegrown community bank.
- Our values, vision for building relationships and delivery of remarkable customer service closely align.
- Bank First values their employees as much as Timberwood values theirs. Both organizations are committed to excellence and believe in helping their employees grow and reach their fullest potential.
- Timberwood Bank's customers will benefit from Bank First’s 49.8% ownership of UFS, LLC, a data processing company located in Grafton, WI. UFS provides data and technology services to Midwest banks. Bank First’s ownership of UFS gives it the buying power of a large regional bank, creating opportunities to access the latest advancements in banking technology at a faster rate than our peers.
- Another opportunity for the combined organization is to leverage Bank First’s sophisticated suite of treasury management products and services for Timberwood Bank's business customers.
- The merger preserves community banking through continued support of local causes benefitting the local economy. In 2018, Bank First contributed over $750,000 to more than 400 Wisconsin community events and organizations.
- Bank First will also be an excellent fit for Timberwood Bank's employees and the communities they serve. Bank First takes great pride in creating a culture that focuses on community involvement and encourages its employees to volunteer and give back in many ways. In 2018, Bank First employees donated over 11,600 hours of their time volunteering.
- Additionally, Bank First has been recognized by American Banker as one of the “Best Banks to Work For”, which is awarded to the top 40 banks in the United States.
Why did Bank First choose Timberwood Bank?
- The merger brings together two strong organizations focused on relationship banking with a shared commitment to the communities we serve.
- The merger strengthens the bank’s market share in Monroe County.
- Timberwood Bank has earned the SBA Preferred Lender status, which enhances the expertise in commercial lending.
- The merger provides greater access to capital to finance additional business growth in Tomah and beyond.
- Bank First currently services the needs of the $88.3 billion* agriculture market in the state of Wisconsin and Timberwood Bank will strengthen their agricultural business. *Source: https://www.farmflavor.com/wisconsin-agriculture/
When will Timberwood Bank become Bank First?
The merger is anticipated to take place in the spring of 2020. This is subject to customary conditions, including regulatory approval and approval by Timberwood bank shareholders.
Can I go to a Bank First location for banking transactions?
For services related to Timberwood Bank accounts, you should continue to use your Timberwood Bank branch until conversion in the spring of 2020. You can also contact your Timberwood Bank office during regular business hours. After conversion, you can visit any Bank First location.
Who should I contact if I have questions with my account?
At this time, you should continue to contact your Timberwood Bank branch until conversion in the spring of 2020. For questions regarding Bank First's products and services, please feel free to contact us at 920-652-3100. You may also email us at email@example.com, and a representative will respond during regular business hours.
What is the routing number for Bank First?
The routing number for Bank First is 075901134. The routing number for Timberwood Bank will continue to work for a period of time after the merger.
Can I use my Timberwood Bank checks after the merger?
Yes, you may continue using your Timberwood Bank checks after the conversion of your account. Once you run out of checks, you may order new ones under the Bank First name via our website at www.bankfirstwi.bank.
Will there be changes to my personal deposit accounts?
The current names, features, and benefits of your Timberwood Bank deposit accounts will be converted to similar Bank First deposit accounts. We are excited to offer additional benefits and services with these new accounts. Please refer to the “Important Account Changes” section on page 6 of this Welcome Guide for more information.
Will the interest rates and terms on my CDs and IRAs remain the same?
Yes, all terms and rates you currently receive from Timberwood Bank will remain in effect until maturity. If your CD or IRA is set to automatically renew, it will continue to do so, and you will receive a notice including new Terms and Conditions. If your current term is not offered at Bank First, your CD will renew into the next lowest term available. Upon renewal, interest is compounded and credited to your account semi-annually.
Will the merger affect my existing Timberwood Bank loan?
No changes will be made to the payments, interest rates, or other terms of your existing loan until maturity.
Will decisions about my accounts continue to be made locally?
Absolutely! As an independent community bank, loan decisions will still be made locally by the same dedicated team of bankers who live and work in the communities we serve.