Nicolet Bankshares, Inc. and MidWestOne Financial Group, Inc. today announced a definitive merger agreement that will create a major community banking franchise in the Upper Midwest.
Under the proposed deal, Nicolet will acquire MidWestOne in an all-stock transaction valued at about $864 million. MidWestOne shareholders will receive 0.3175 shares of Nicolet common stock for each share they own, valuing MidWestOne at $41.37 per share.
Based on September 30, 2025, financial results, the combined company will have approximately $15.3 billion in assets, $13.1 billion in deposits, and $11.3 billion in loans.
Nicolet’s network will grow to include more than 110 branches and production offices across multiple regions. These locations span Wisconsin, Iowa, eastern Minnesota, northern Michigan, Denver (Colorado), and Naples (Florida).
Mike Daniels, Chairman, President, and CEO of Nicolet, said the merger is transformational for the company. He also welcomed MidWestOne’s employees, customers, and shareholders into the combined firm. Chip Reeves, CEO of MidWestOne, described the deal as a compelling strategic combination that preserves community-bank values.
The company expects the transaction to boost 2026 earnings by about 37% (excluding merger-related charges) and to slightly dilute tangible book value per share, with a minimal earn-back period. Regulators and shareholders must still approve the merger, which the company plans to close in the first half of 2026.
Together, the two banks aim to strengthen local decision-making and community banking services. They also plan to gain scale, enhance digital tools, and expand their lending capacity.
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News Source: Businesswire.com
