Nicolet Bankshares to acquire MidWest One Financial in $864M all-stock merger

NICOLET BANKSHARES INC

Exchange ratio 0.3175 NIC shares per MOFG share; aggregate consideration ~$864M or $41.37/share based on NIC close of $130.31 on Oct 22.
Pro forma combined company: $15.3B assets, $13.1B deposits, $11.3B loans; >110 branches across Upper Midwest, Denver, and Naples.
Transaction expected to close in first half 2026, subject to shareholder and regulatory approvals; both boards unanimously approved.
Estimated ~37% accretive to 2026 EPS (excluding charges); mildly dilutive to TBV with negligible earnback period.
Combined board: 8 directors from Nicolet (including CEO Mike Daniels) and 4 from MidWest One; all directors and named officers entered support agreements.

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