---
schema_version: "secwatch.filing_event.v1"
accession: "0001174850-25-000055"
form_type: "8-K"
ticker: "NIC"
cik: "0001174850"
company_name: "NICOLET BANKSHARES INC"
filed_at: "2025-10-23T23:59:59+00:00"
generated_at: "2026-05-17T02:27:02.672732+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001174850-25-000055
- form_type: 8-K
- ticker: NIC
- cik: 0001174850
- company_name: NICOLET BANKSHARES INC
- filed_at: 2025-10-23T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1174850/000117485025000055/0001174850-25-000055-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1174850/000117485025000055/nic-20251023.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001174850-25-000055
- JSON: https://secwatch.observer/filing/0001174850-25-000055.json
- Plain text: https://secwatch.observer/filing/0001174850-25-000055.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.