On October 23, 2025, MidWestOne Financial Group, Inc. (MOFG) and Nicolet Bankshares, Inc. (NIC) jointly announced a definitive merger agreement in which NIC will acquire MOFG and its wholly‑owned subsidiary, MidWest One Bank, in an all‑stock transaction. Under the terms, MOFG shareholders will receive 0.3175 shares of NIC common stock for each MOFG share they own, valuing the deal at approximately $864 million or $41.37 per share based on NIC’s closing price of $130.31 on October 22, 2025.
The combined company will have pro‑forma total assets of $15.3 billion, deposits of $13.1 billion, and loans of $11.3 billion. The transaction is expected to close in the first half of 2026, pending regulatory approvals and shareholder votes. Upon completion, NIC will operate more than 110 branches and loan production offices across the Upper Midwest, Denver, Colorado, and Naples, Florida, expanding its geographic footprint and customer base.
Strategically, the merger positions the new entity as a pre‑eminent community bank in the Upper Midwest, leveraging complementary geographic footprints and market share. The deal is projected to be approximately 37% accretive to 2026 earnings, with cost savings fully phased in, and is expected to enhance economies of scale, broaden product offerings, and strengthen the combined bank’s competitive position in key growth markets.
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