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GREEN BAY, WI (WTAQ-WLUK) — Green Bay-based Nicolet Bankshares is acquiring an Iowa-based bank.
Nicolet’s $864 million purchase of MidwestOne Financial Group will give Nicolet more than 110 branches across the Upper Midwest, as well as in Denver and in Naples, Florida. The company will have combined assets of $15.3 billion, deposits of $13.1 billion and loans of $11.3 billion.
“We are excited to announce the acquisition of MidWestOne and welcome their employees, customers, and shareholders to Nicolet,” Mike Daniels, Nicolet chairman, president and CEO, said in a news release. “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.”
“This is a transformational deal for Nicolet that we are announcing days away from the 25th anniversary of our Founding. Our goal with every acquisition is not just to become bigger, but to become a better bank. We have worked hard to put actions to those words. While we had high expectations when we founded Nicolet 25 years ago, few expected us to be where we are today. Now, along with the people at MidWestOne, we remain optimistic about our future, and very much look forward to seeing what our employees, customers, and shareholders can do to create continued shared success over the next 25 years.”
The deal is expected to close in the first quarter next year.
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