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Midwestone Financial Group (MOFG) investor relations material
Midwestone Financial Group M&A Announcement summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.M&A Announcement summary24 Oct, 2025
Deal rationale and strategic fit
Merger creates one of the largest and most profitable community banks in the Upper Midwest, expanding into Iowa, Wisconsin, Minnesota, Michigan, the Twin Cities, and Denver, with over $15 billion in assets and significant growth potential.
Both organizations share complementary, transparent balance sheets, highly compatible business philosophies, and a community-focused culture, ensuring continuity and strong relationship banking.
The deal solidifies a top 5 deposit market share in Iowa, accelerates growth in Minneapolis-St. Paul, and adds $3.4 billion in wealth management assets, resulting in $9 billion+ AUA.
Positions the combined entity as a dominant regional player and acquiror of choice in the Midwest, with a focus on meaningful market presence and future M&A opportunities.
Leadership from both organizations express strong enthusiasm, optimism, and alignment on culture and strategy, with a focus on shared success for customers, employees, and shareholders.
Financial terms and conditions
All-stock transaction: MidwestOne shareholders receive 0.3175 shares for each MidwestOne share, with a fixed exchange ratio.
Implied purchase price of $41.37 per share, total transaction value of ~$864 million, representing 166% of tangible book value and 11.5x 2026 consensus EPS.
Pro forma ownership: approximately 70% existing shareholders, 30% MidwestOne shareholders; board to have 12 members: 8 from NIC, 4 from MOFG.
Pro forma CET1 ratio forecasted at 10.5%, TCE ratio at 8.4% at closing.
Transaction multiples include a 45.2% market premium.
Synergies and expected cost savings
Approximately $38 million in pretax cost savings modeled, or 25% of MidwestOne's core non-interest expenses, with 50% phased in by 2026 and 100% thereafter.
Merger expected to be approximately 37% accretive to 2026 earnings, excluding certain merger-related charges.
No revenue synergies modeled, but identified opportunities in wealth, commercial, and ag banking, as well as retirement planning.
Cost savings are considered conservative and realistic, with a negligible earnback period and mild tangible book value dilution.
Detail Durbin impact on interchange income
Denver market strategy going forward?
Impact of delayed system conversion on 2026 cost savings?
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Next Midwestone Financial Group earnings date
Q4 202530 Jan, 2026
Next Midwestone Financial Group earnings date
Q4 202530 Jan, 2026
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Frequently asked questions
MidWestOne Financial Group, Inc. operates as the bank holding company for MidWestOne Bank that provides commercial and retail banking products and services to individuals, businesses, governmental units, and institutional customers. The Company offers a range of product and service packages, including deposit accounts and lending solutions for small businesses; financing solutions for real estate acquisition and development; mortgages to home buyers; credit cards to consumers; cash management solutions for merchants of all sizes, both online and in person; and equipment leasing solutions for business owners. The Company's loan activities are collateralized by the Company taking possession of second or third lien interest positions on various types of commercial and industrial property including those held on its own balance sheet. The Company's deposit activities include taking deposits from individuals, corporations, partnerships, trusts, estates and other entities through the bank's offices located in Iowa. MidWestOne Bank is a federal savings bank that engages in community banking business primarily in Iowa. MidWestOne Financial Group, Inc. is based in Iowa City, Iowa.
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