On Saturday, October 25, 2025, Nicolet Bankshares, Inc. (NYSE: NIC) announced that it has entered into a definitive merger agreement to acquire MidWest One Financial Group, Inc. (NASDAQ: MOFG) and its wholly‑owned banking subsidiary, MidWest One Bank. The transaction is an all‑stock deal in which MidWest One shareholders will receive 0.3175 shares of Nicolet common stock for each share of MidWest One common stock, valuing the deal at approximately $864 million or $41.37 per MidWest One share based on Nicolet’s closing stock price of $130.31 as of October 22, 2025.
The merger will create a combined bank with pro‑forma total assets of $15.3 billion, deposits of $13.1 billion, and loans of $11.3 billion. MidWest One is being acquired at 166% of its tangible book value per share and 11.5 times the mean analyst‑estimated 2026 earnings per share. Upon closing, the shares issued to MidWest One shareholders are expected to represent about 30% of the combined company’s outstanding shares.
Strategically, the deal expands Nicolet’s footprint to more than 110 branches and additional loan‑production offices across the Upper Midwest, Denver, Colorado, and Naples, Florida, creating complementary and contiguous geographic coverage. The transaction is projected to be roughly 37% accretive to 2026 earnings, with a negligible earn‑back period, while only mildly dilutive to tangible book value per share. Regulatory approvals and shareholder votes are required, and the parties anticipate closing during the first half of 2026.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.