Nicolet Bankshares completes merger with MidWestOne Financial

Nicolet Bankshares (NIC) completed its merger with MidWestOne Financial Group, as a result of which, MidWestOne merged with and into Nicolet, with Nicolet being the surviving corporation. MidWestOne Bank will operate as a division of Nicolet National Bank until the planned system conversion in August. At that time, all 50-plus MidWestOne locations will transition to the Nicolet brand and digital banking platform, expanding Nicolet’s presence in Iowa, the Twin Cities, Western Wisconsin, and Denver, the company stated. Based on initial financial data, the addition of MidWestOne added approximately $6B in assets to increase Nicolet’s total assets to approximately $15B. Total loans of the combined company will increase to approximately $11B and total deposits will increase to approximately $13B. Mike Daniels, Chairman, President, and CEO of Nicolet, said, “The completion of this merger represents an important milestone in Nicolet’s disciplined growth strategy. MidWestOne is a strong cultural and strategic fit, and this combination enhances our ability to serve customers across our expanded footprint while maintaining the local decision making that defines our model of shared success.”