Nicolet National Bank to Acquire MidWestOne Bank
Nicolet National Bank, based in Green Bay, is set to acquire Iowa-based MidWestOne Bank in an all-stock transaction valued at approximately $864 million. This deal aims to bolster Nicolet’s presence, particularly in Iowa, while also expanding into Minnesota and Colorado.
On October 23, Nicolet Bankshares Inc. announced its intent to acquire MidWestOne Financial Group Inc., which has around $6 billion in assets. According to the agreement, MidWestOne shareholders will receive 0.3175 shares of Nicolet for each share they hold, translating to about $41.37 per share for MidWestOne. Both companies’ boards approved the acquisition earlier in the week, and completion is expected in the first half of 2026.
They revealed the plans after the market closed on October 23, with Nicolet stock finishing at $125.93 a share, down $4.38, while MidWestOne’s stock closed at $28.37, down $0.13. The merger, pending regulatory approvals, would create a financial institution with around $15 billion in assets, $13.1 billion in deposits, and $11.3 billion in loans, along with 1,700 employees and 114 branches—double the current number of Nicolet’s branches. After the merger, MidWestOne shareholders will control approximately 30% of Nicolet’s shares.
Both companies plan a joint conference call on October 24 at 9 a.m. to discuss the transaction.
A ‘Transformational’ Deal for Nicolet
Mike Daniels, Nicolet’s CEO, described the MidWestOne deal as “transformational,” especially as the bank marks its 25th anniversary on November 1. In the past, Nicolet’s acquisitions have totaled around $1 billion and accumulated $6.7 billion in assets.
Daniels believes this merger is pivotal for both banks’ operations, stating that MidWestOne is vital for the markets they serve. “We’re excited about the chance to support a region that has been a core focus for MidWestOne for nearly a century,” he remarked.
Chip Reeves, CEO of MidWestOne, echoed this sentiment, highlighting their mutual commitment to customers, employees, and communities. Both CEOs have developed a strong professional relationship, sharing ideas on enhancing organizational culture and community engagement.
Expansion Plans and Branch Stability
If the acquisition proceeds, Nicolet will have branch locations and loan offices across Wisconsin, Minnesota, Michigan, Iowa, Colorado, and Florida, with plans for rebranding all locations to Nicolet. This acquisition follows their prior purchase of Eau Claire-based Charter Bank in 2022.
MidWestOne’s presence will also bring operations to Denver, where it currently has two branches, plus four branches in Wisconsin. Reeves ensured customers wouldn’t need to worry about branch closures, as their locations largely don’t overlap. “No branch consolidation is planned, allowing us to keep our focus on customer service,” he stated.
Recent Financial Performance
Before the MidWestOne announcement, Nicolet disclosed its third-quarter financial results, which featured a net income of $42 million—up 27% compared to the same quarter in 2024. The bank reported assets totaling $9 billion and deposits of $7.6 billion as of September 30.
During the quarter, Nicolet also spent $21 million to buy back over 155,000 shares from investors. Daniels noted that these results placed Nicolet among the top 10% of banks nationally. He attributed this growth to the hard work of employees and the strong community involvement, expressing optimism for the future as a leading community bank.
A Rich History and Strategic Acquisition
MidWestOne has a deep-rooted history, dating back to 1934 when it was founded by Ben S. Summerwill as the Iowa State Bank & Trust Company. The bank continued under family leadership until 2001. MidWestOne Financial Group trades on NASDAQ under the symbol MOFG. Since merging with ISB Financial Corp. in 2008, MidWestOne has continued to grow, acquiring other banks in Iowa and Minnesota, and it expanded to Denver in 2017.
Like Nicolet, MidWestOne offers a variety of banking services—including retail, commercial, mortgage banking, and wealth management—and currently holds $6.2 billion in assets. Daniels emphasizes the importance of MidWestOne within their operational footprint, expressing eagerness to serve a significant market.
Overall, this acquisition marks another milestone for Nicolet, which has merged with or acquired nine banks since 2012. Daniels believes that the combined strengths will further solidify Nicolet’s position as a leading acquirer in the Midwest region.
- April 2013: MidWisconsin Bank, valued at $10 million, with assets of $464.7 million.
- April 2016: Baylake Bank, valued at $167.2 million, with assets of $980.5 million.
- April 2017: First National Bank – Fox Valley, valued at $84.4 million, assets $475.8 million.
- November 2019: Choice Bank, valued at $84 million, assets $440.5 million.
- March 2020: Advantage Community Bank, value unknown, $160 million in assets.
- September 2021: mBank, valued at $230.3 million, assets $1.5 billion.
- December 2021: Investors Community Bank, valued at $229.2 million, assets $1.5 billion.
- August 2022: Charter Bank, valued at $138.8 million, assets $1.1 billion.
