Nicolet National Bank, downtown Green Bay. PC: Fox 11 Online
GREEN BAY, WI (WTAQ-WLUK) — A merger between two large banking companies is complete.
Nicolet Bankshares, Inc. announced Tuesday it has finished its merger with MidWestOne Financial Group, Inc.
Nicolet Bankshares, Inc. is the bank holding company of Nicolet National Bank, headquartered in Green Bay. MidWestOne Financial Group, Inc. is based in Iowa City.
MidWestOne merged with and into Nicolet and will operate as a division of Nicolet National Bank until the planned system conversion in August. At that time, the more-than 50 MidWestOne locations will transition to the Nicolet brand and digital banking platform. This will expand Nicolet’s presence in Iowa, the Twin Cities, western Wisconsin and Denver.
Four members of MidWestOne‘s former board of directors will join the eight existing members of Nicolet’s and Nicolet National Bank’s board of directors.
Officials say the addition of MidWestOne added approximately $6 billion in assets, increasing Nicolet’s total assets to around $15 billion. Total loans of the combined company will rise to about $11 billion and total deposits will be approximately $13 billion.
“The completion of this merger represents an important milestone in Nicolet’s disciplined growth strategy,” said Mike Daniels, who serves as the chairman, president and CEO of Nicolet, in a news release. “MidWestOne is a strong cultural and strategic fit, and this combination enhances our ability to serve customers across our expanded footprint while maintaining the local decision making that defines our model of shared success.”
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