Nicolet Bankshares, Inc. has completed its merger with MidWestOne Financial Group, Inc., with Iowa City-based MidWestOne merging into Nicolet as the surviving corporation.
MidWestOne Bank will continue to operate as a division of Nicolet National Bank until a planned system conversion in August 2026, at which time more than 50 MidWestOne locations will transition to the Nicolet brand and digital banking platform. The merger expands Nicolet’s presence in Iowa, the Twin Cities, Western Wisconsin and Denver.
Based on initial financial data, the addition of MidWestOne brought approximately $6 billion in assets to the combined company, bringing Nicolet’s total assets to approximately $15 billion. Total loans of the combined company will reach approximately $11 billion and total deposits approximately $13 billion.
Mike Daniels, chairman, president and CEO of Nicolet, called the completion of the merger – originally announced in October – “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,” Mr. Daniels said.
Following the closing, four former MidWestOne board members — Tracy McCormick, Carl Chaney, Janet Godwin and Matthew Hayek — joined eight existing members of the Nicolet and Nicolet National Bank boards. The existing board members are Mr. Daniels, Robert Atwell, John Dykema, Donald Long Jr., Pierce Smith, Susan Merkatoris, Glen Tellock and Robert Weyers.
Nicolet Bankshares is a Green Bay-based bank holding company for Nicolet National Bank, a community bank offering commercial, agricultural and consumer banking as well as wealth management and retirement plan services. Founded in 2000, Nicolet National Bank operates branches primarily in Wisconsin, Michigan, Minnesota and Iowa. Nicolet trades on the New York Stock Exchange under the ticker symbol NIC.
