Green Bay-based Nicolet National Bank got a little bit bigger this week after it announced on Thursday that it was merging with Iowa City-based MidWestOne Financial Group. As a result of the merger, Nicolet Bankshares, Inc. will acquire MidWestOne and and its wholly-owned banking subsidiary, MidWestOne Bank. It creates one of the largest community-owned banks in the country, holding pro forma total assets of $15.3 billion, deposits of $13.1 billion, and loans of $11.3 billion. When the merger is finalized, Nicolet National Bank will have have 110 branches across the country, though primarily in the upper Midwest. There are five locations in Door County and three more in Kewaunee County.
“We are excited to announce the acquisition of MidWestOne and welcome their employees, customers, and shareholders to Nicolet,” said Mike Daniels, Chairman, President, and CEO of Nicolet said following the merger. “We view the people at MidWestOne as true kindred spirits in our approach to serving customers, communities, and employees. They have been stalwarts of the community for over 90 years, and we intend to be great stewards of that legacy.” Daniels added that they hope the acquisition will make them a bigger and better bank after their founding nearly 25 yars ago.
The move comes after other acquisitions in recent years including Community Investors Bank in 2021 and Charter Bankshares in 2022.
