Nicolet Bankshares, Inc. (NIC) entered a merger agreement on October 23, 2025, to acquire MidWestOne Financial Group, Inc. (MOFG) in an all-stock deal valued at $864 million.
Nicolet will exchange shares of its common stock for all of the outstanding shares of MidWestOne common stock, in an all-stock transaction.
MidWestOne shareholders will be entitled to receive 0.3175 of a share of Nicolet for each share of MidWestOne, for aggregate merger consideration valued at roughly $41.37 per share, which is at a 45.82% premium from the stock’s last close.
Shares issued to MidWestOne shareholders are expected to represent approximately 30% of the outstanding shares of the combined company.
MidWestOne is a financial holding company based in Iowa City, Iowa, that provides a full range of commercial and retail banking, lending, and wealth management services through its network of branches across Iowa, Minnesota, Wisconsin, Florida, and Colorado. The company has total assets of about $6.24 billion and total deposits of about $5.48 billion.
Nicolet is a financial holding company and the parent of Nicolet National Bank, offering commercial, agricultural, and consumer banking, as well as wealth-management and retirement-plan services, across Wisconsin, Michigan, and Minnesota. It has total assets of roughly $8.8 billion and total deposits of about $7.4 billion.
The combined company will have pro forma total assets of $15.3 billion, deposits of $13.1 billion, and loans of $11.3 billion.
After the deal closes, which is expected during the first half of 2026, Nicolet will have over 110 branches and loan offices across the Upper Midwest, Denver, Colorado, Naples, Florida, and other areas.
The combined company’s Board is expected to include eight members from Nicolet’s board, including CEO Mike Daniels, and four members from MidWestOne’s current board.
MidWestOne was advised by Piper Sandler on financial matters and by Alston & Bird on legal matters. Nicolet received financial advice from Keefe, Bruyette & Woods, A Stifel Company, and legal counsel from Nelson Mullins Riley & Scarborough.
Nicolet is paying 1.19 times the tangible book value for MidWestOne.
For further insights into this M&A transaction, please visit the Deal Metrics page here:
The Deal Metrics page for each merger or acquisition includes:
– A spread history chart of the merger from announcement through eventual completion or failure.
– Every event as the merger progresses through the expiration of the HSR period, various regulatory approvals, shareholder votes, etc.
– News and SEC filings.
– A history of deal updates.
– And much more.
Disclaimer: Please conduct your own due diligence before buying or selling any securities mentioned in this article. We do not warrant the completeness or accuracy of the content or data provided in this article.
Editor’s Note: Baranjot Kaur contributed to this article