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Visual21 Nov 2025
Data center suppliers
Nicolet Bankshares (NIC) investor relations material
Nicolet Bankshares 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 a leading community bank in the Upper Midwest with over $15 billion in assets, expanding into Iowa, Minnesota, Wisconsin, Michigan, and Denver markets.
Solidifies top 5 deposit market share in Iowa and accelerates growth in Minneapolis-St. Paul by adding $1 billion+ in deposits.
Adds $3.4 billion+ in wealth management assets, resulting in $9 billion+ AUA for the combined entity.
Both organizations share a strong community-focused culture, relationship banking, and compatible business philosophies.
The deal provides scale to offset costs and revenue hurdles associated with surpassing the $10 billion asset threshold.
Financial terms and conditions
All-stock transaction: MidWestOne shareholders receive 0.3175 shares of Nicolet for each share held.
Implied per-share purchase price is $41.37, with a total transaction value of approximately $864 million.
Purchase price is 166% of tangible book value and 11.5x estimated 2026 EPS.
Pro forma ownership: Nicolet shareholders 69.1–70%, MidWestOne shareholders 30–30.9%.
Market premium of 45.2% over prior share price.
Synergies and expected cost savings
$38 million in pre-tax cost savings modeled, about 25% of MidWestOne's core non-interest expenses.
50% of cost savings expected to be realized in 2026 due to phased integration, with full run-rate in subsequent years.
Merger expected to be approximately 37% accretive to 2026 earnings, excluding certain merger-related charges.
No revenue synergies modeled, but opportunities identified in wealth, commercial, and agricultural banking.
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 Nicolet Bankshares earnings date
Q4 202521 Jan, 2026
Next Nicolet Bankshares earnings date
Q4 202521 Jan, 2026
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Frequently asked questions
Nicolet Bankshares Inc is a bank holding company that operates through its subsidiary, Nicolet National Bank. The company provides a range of financial services, including personal and commercial banking, wealth management, and mortgage services. Nicolet offers products such as checking and savings accounts, loans, credit cards, and investment services, catering to both individual customers and businesses. Its commercial banking division supports small to mid-sized businesses with tailored financial solutions, including lending, cash management, and treasury services. The company is headquartered in Green Bay, Wisconsin, and its shares are listed on the NYSE.
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