GREEN BAY, Wis. (AP) – Nicolet Bankshares Inc. (NYSE: NIC) has completed its merger with MidWest One Financial Group Inc., expanding its footprint and increasing total assets to approximately $15 billion.
As part of the transaction, MidWest One merged with and into Nicolet, with Nicolet serving as the surviving corporation. MidWest One Bank will operate as a division of Nicolet National Bank until a planned system conversion in August 2026. At that time, more than 50 MidWest One locations will transition to the Nicolet brand and digital banking platform, expanding Nicolet’s presence in Iowa, the Twin Cities, western Wisconsin and Denver.
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Based on initial financial data, the merger adds approximately $6 billion in assets. The combined company is expected to have roughly $11 billion in total loans and $13 billion in total deposits.
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“The completion of this merger represents an important milestone in Nicolet’s disciplined growth strategy,” said Mike Daniels, chairman, president and CEO of Nicolet. “MidWest One 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.”
Following the closing, four former MidWest One board members — Tracy McCormick, Carl Chaney, Janet Godwin and Matthew Hayek — will join eight existing members of Nicolet’s and Nicolet National Bank’s boards of directors.
