Nicolet Bankshares is buying MidWestOne Financial Group, the parent company of MidWestOne Bank.
The all-stock transaction is valued at $864 million. The combined bank will have total assets of $15.3 billion with total deposits of $13.1 billion and loans of $11.3 billion. Upon closing, the combined bank will have more than 110 branches and offices across the Upper Midwest, as well as in Denver and Naples, Florida, among other areas.
“We are excited to announce the acquisition of MidWestOne and welcome their employees, customers, and shareholders to Nicolet. 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,” Mike Daniels, chairman, President, and CEO of Nicolet, said.
Nicolet Bankshares is based in Green Bay, Wisconsin and operates branches primarily in Wisconsin, Michigan, and Minnesota.
“It has been a true privilege to lead such a talented and dedicated team of people at MidWestOne these past few years. We are thrilled to have the opportunity to join Nicolet, a company whose culture, business model, and consistent top-tier financial performance is something we have long admired. The combination of these two community banks provides a great opportunity for our respective teams to continue to deliver high-quality, relationship-based banking products, services, and expertise to our clients, as well as generate long-term value for our stockholders,” Chip Reeves, CEO of MidWestOne, said.
MidWestOne Bank is based in Iowa City with offices in Iowa, Minnesota, Wisconsin, and Colorado. The proposed merger will create one of the largest community banks in the Upper Midwest. The combined bank will have complementary and contiguous geographic footprints.
The transaction is expected to be approved and finalized during the first half of 2026. Upon completion of the merger, it is expected the combined company’s board will include eight members of Nicolet’s board and four members of MidWestOne’s current board.