Nicolet Bankshares and MidWestOne Financial Group announce merger

Nicolet Bankshares Inc., and Iowa City-based MidWestOne Financial Group jointly announced the execution of a merger in which Nicolet will acquire MidWestOne and its wholly-owned banking subsidiary, MidWestOne Bank.

The combination of the banks will create one of the largest community banks in the Upper Midwest, with a footprint throughout Wisconsin, Iowa, eastern Minnesota and northern Michigan.

“We are excited to announce the acquisition of MidWestOne and welcome their employees, customers and shareholders to Nicolet,” Mike Daniels, chairman, president and CEO of Green Bay-based Nicolet, said in a statement. “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.”

The combined company will have pro forma total assets of $15.3 billion, deposits of $13.1 billion, and loans of $11.3 billion, according to financial results as of Sept. 30, 2025. Upon closing of the transaction, which is expected in the second quarter of 2026, Nicolet will have more than 110 branches, as well as loan production offices, across the Upper Midwest, Denver, Colo., and Naples, Fla., among other areas.

Under the terms of the agreement, unanimously approved by the board of directors of both companies, Nicolet will exchange shares of its common stock for all of the outstanding shares of MidWestOne common stock, in an all-stock transaction. Upon the completion of the merger, the shares issued to MidWestOne shareholders are expected to comprise 30 percent of the outstanding shares of the combined company, the banks said in a joint statement Thursday.

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“It’s been a true privilege to lead such a talented and dedicated team of people at MidWestOne these past few years,” Chip Reeves, CEO of MidWestOne, said in a statement.

During an interview Thursday, Reeves said conversations about the merger increased in August. The transaction creates a top-decile performing entity, Reeves noted. The merger also is a market expansion for Nicolet, as there is no current overlap of customers and no need for branch consolidation, Reeves noted. Additionally, the merger will position the combined entity to be stronger while continuing peer-leading pro forma profitability, he said.

When the merger is complete, the combined company’s board of directors will be comprised of eight members of Nicolet’s board and four members of MidWestOne’s board. Reeves will join the executive team of the combined entities, as will many of the Iowa City-based bank’s executive team.

The merged bank will have several “lead local“ market share positions in Green Bay, Dubuque, Appleton, Wis., Oshkosh-Neenah, Wis., and Door County, Wis., according to the banks.

The culture and focuses of the two organizations is “strikingly similar,” Reeves said, when it comes to serving customers, communities and employees.

The proposed merger does not require MidWestOne customers to do anything, Reeves said. The community will notice signage and other changes in third and fourth quarter of 2026 as computer systems are combined. The merger is subject to approvals by regulatory authorities and approvals by shareholders of both Nicolet and MidWestOne.

Both organizations had been in growth mode in recent years, with MidWestOne adding Dubuque, Muscatine and Denver in recent years. Nicolet has had a strong track record of acquisitions and completed nine since 2013.

“We are going to be able to invest ... and we are able to do more as a combined company,“ Reeves said.

MidWestOne Bank traces its roots back more than 90 years, starting as Iowa State Bank & Trust in 1934.

Nicolet announced the proposed merger just ahead of its 25th anniversary from its founding.

“Our goal with every acquisition is not just to become bigger, but to become a better bank,” Daniels said.“ We have worked hard to put actions to those words. While we had high expectations when we founded Nicolet 25 years ago, few expected us to be where we are today. Now, along with the people at MidWestOne, we remain optimistic about our future and very much look forward to seeing what our employees, customers and shareholders can do to create continued shared success over the next 25 years.”