Nicolet Bankshares Inc. has merged with an Iowa-based institution.
The holding company for Nicolet National Bank and MidWestOne Financial Group, Inc. jointly announced the execution of a definitive merger agreement pursuant to which Nicolet will acquire MidWestOne and its wholly-owned banking subsidiary, MidWestOne Bank.
Under the terms of the Agreement, Nicolet will exchange shares of its common stock for all of the outstanding shares of MidWestOne common stock, in an all-stock transaction.
MidWestOne shareholders will be entitled to receive 0.3175 of a share of Nicolet common stock for each share of MidWestOne common stock they own upon the effective time of the merger.
Mike Daniels, Chairman, President, and CEO of Nicolet, voiced his excitement, saying, “We view the people at MidWestOne as true kindred spirits in our approach to serving customers, communities, and employees. They have been stalwarts of the community for over 90 years, and we intend to be great stewards of that legacy.”
The combined company will have pro forma total assets of $15.3 billion, deposits of $13.1 billion, and loans of $11.3 billion.
Upon closing of the transaction, Nicolet will have more than 110 branches, as well as loan production offices, across the Upper Midwest, Denver, Colorado, and Naples, Florida, among other areas.
The proposed merger will create one of the largest community banks in the Upper Midwest with over $15 billion in assets, significant economies of scale, and peer-leading pro forma profitability metrics.
