Nicolet Bankshares, Inc. will acquire MidWestOne Financial Group, Inc. in an all-stock merger valued at approximately $864 million. MidWestOne shareholders will receive 0.3175 shares of Nicolet for each MidWestOne share. The combined entity will have assets of $15.3 billion, deposits of $13.1 billion, and loans of $11.3 billion. The merger, expected to complete in the first half of 2026, will create a major community bank in the Upper Midwest.

Nicolet Bankshares to acquire MidWestOne for $864 million. Green Bay, Wis.-based Nicolet Bankshares is acquiring Iowa City-based MidWestOne Financial Group and its subsidiary MidWestOne Bank, in an $864 million, all-stock deal. The deal is expected to close in the first half of next year. The combined company will have $15.3 billion in total assets, $13.1 billion in deposits, and $11.3 billion in loans, with more than 110 branches and loan production offices across the Upper Midwest, Denver, Colorado, and Naples, Fla. The merger is expected to create one of the largest community banks in the Upper Midwest, with complementary geographic footprints across Wisconsin, Iowa, Eastern Minnesota and Northern Michigan. Chip Reeves, CEO of MidWestOne, added, "The combination of these two community banks provides a great opportunity for our teams to continue delivering high-quality, relationship-based banking products and services, while generating long-term value for our stockholders." "This is a transformational deal for Nicolet," said Chair, President and CEO Mike Daniels. "Our goal with every acquisition is not just to become bigger, but to become a better bank. We look forward to seeing what our employees, customers, and shareholders can do to create continued shared success over the next 25 years." Keefe, Bruyette & Woods provided financial advisory and fairness opinions to Nicolet, with legal counsel from Nelson Mullins Riley & Scarborough LLP. Piper Sandler & Co. advised MidWestOne, with Alston & Bird LLP serving as legal counsel.