- Companies
- MidWestOne Bank
MidWestOne Bank Acquisition, Valuation, Funding & Investors
MidWestOne Bank was acquired by Nicolet Bankshares for $864M in October 2025, a 3.6x multiple on $239M of revenue.
MidWestOne Bank revenue at acquisition
$239M
Last twelve months · Oct 2025
MidWestOne Bank revenue multiple at acquisition
3.6x
EV/Revenue · Oct 2025
Cumulative funding MidWestOne Bank raised
$8M
across 1 funding round
About MidWestOne Bank
MidWestOne Financial Group Inc is a bank holding company engaged in delivering relationship-based business and personal banking products and services. The Bank provides commercial loans, real estate loans, agricultural loans, credit card loans, and consumer loans. It also provides deposit products including demand and interest checking accounts, savings accounts, money market accounts, and time deposits. The Bank also provides products and services including treasury management, Zelle, online and mobile banking, debit cards, ATMs, and safe deposit boxes. The Bank offers its products and services through its network of full-service banking offices. the Bank’s investments services department offers financial planning, investment advisory, and retail securities brokerage services.
Founded
1983
HQ
Website
Status
Acquired
Customer focus
B2C & B2B
Revenue model
Services
Revenue
$239M (Oct 2025)
Valuation
$864M (acquired Oct 2025)
Sectors
MidWestOne Bank Acquisition
MidWestOne Bank was acquired by Nicolet Bankshares for $864M on 23 October 2025.
The acquisition price implies a 3.6x revenue multiple on $239M of revenue.
Before the acquisition MidWestOne Bank had raised $8M across 1 funding round.
MidWestOne Financial Group, Inc., parent of MidWestOne Bank, operates as a community bank with over 50 locations primarily in Iowa, the Twin Cities, western Wisconsin, and Denver, offering commercial, consumer, and wealth management services. Nicolet Bankshares, Inc., holding company of Nicolet National Bank founded in 2000 in Green Bay, Wisconsin, provides full-service community banking including commercial, agricultural, consumer banking, wealth management, and retirement plans across branches in Wisconsin, Michigan, Minnesota, and Iowa. On October 23, 2025, the companies signed a definitive merger agreement where MidWestOne merges with and into Nicolet, with MidWestOne shareholders receiving 0.3175 shares of Nicolet common stock per share, valuing the deal at approximately $864 million or $41.37 per share based on Nicolet's October 22, 2025, closing price of $130.31; post-merger, MidWestOne shares represent 30% of the combined company. The merger closed by February 13, 2026, with MidWestOne Bank operating as a division of Nicolet National Bank until a system conversion in August 2026, when all locations transition to the Nicolet brand and digital platform. The combined entity holds approximately $15 billion in assets, $11 billion in loans, $13 billion in deposits, and $9 billion in wealth assets under management, positioning it as a premier Upper Midwest bank. Strategic rationale emphasizes accelerated growth, cultural alignment, enhanced digital tools, specialized lending, robust financial planning, greater lending capacity for local businesses, and sustained community focus with local decision-making. The transaction received unanimous board approval, Piper Sandler advised MidWestOne financially, and Alston & Bird provided legal counsel to MidWestOne, with closure subject to regulatory approvals and customary conditions met ahead of the first half of 2026 target.
| Acquirer | Date | Type | Price | EV/Revenue |
|---|---|---|---|---|
| 23 Oct 2025 | Strategic M&A | $864M | 3.6x |
MidWestOne Bank Funding History
MidWestOne Bank has raised a total of $8M across 1 funding round.
MidWestOne Bank funding rounds
| Date | Stage | Raised |
|---|---|---|
| Jun 2015 | Series A | $8M |
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialAcquisitions by MidWestOne Bank
MidWestOne Bank has acquired 2 companies to date.
Last acquisition by MidWestOne Bank was on November 2nd 2021. MidWestOne Bank acquired Lowa First Bancshares Corp for $48M.
Latest Acquisitions by MidWestOne Bank
| Description | - | ATBancorp is a Dubuque-headquartered holding company for Alliant Bank that delivers commercial banking, private banking, and wealth management services in Iowa. It offers loans for businesses, agricultural operations, and real estate alongside retirement planning and investment advisory through its trust department. ATBancorp maintains branches in eastern Iowa serving local communities since 1985. |
| HQ Country | ||
| HQ City | Muscatine, IA | Dubuque, IA |
| Deal Date | 2 Nov 2021 | 1 May 2019 |
| Valuation | $48M | $153M |
| EV/Revenue | ||
| EV/EBITDA | ||
This data is available for Pro users. Sign up to see all MidWestOne Bank acquisitions and their M&A valuation multiples. Start Free Trial | ||
MidWestOne Bank Competitors
MidWestOne Bank competitors include listed companies like Great Southern Bancorp, Lesha Bank, Equitas Small Finance Bank and Eagle Bancorp, and private ones like China Wanxiang Holding and WeBank.
| Company | HQ | Status | Revenue | Valuation | Revenue Multiple |
|---|---|---|---|---|---|
| Publicly listed | $229M | $865M | 3.8x | ||
| Publicly listed | $100M | $866M | - | ||
| Publicly listed | $448M | $861M | 1.7x | ||
| Publicly listed | $299M | $860M | 2.9x | ||
| Private | - | $819M | - | ||
| Private | - | $941M | - |
MidWestOne Bank Public Comps
MidWestOne Bank is no longer listed, but its public comps include Great Southern Bancorp, Lesha Bank, Equitas Small Finance Bank, Eagle Bancorp, Capital City Bank Group, Stanbic Holdings, Bank of The RyukyusLtd, Banco Patagonia, Suez Canal Bank and First Community Bankshares.
| Last FY | EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|---|
| Revenue | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $229M | 3.8x | 3.8x | - | - | |||
| $100M | 8.7x | - | - | - | |||
| $448M | 1.9x | 1.7x | - | - | |||
| $299M | 2.9x | 2.9x | - | - | |||
| $244M | 3.5x | 3.1x | - | - | |||
| $297M | 2.9x | - | - | - | |||
| $433M | 2.0x | 1.7x | - | - | |||
| $888M | 1.0x | - | - | - | |||
This data is available for Pro users. Sign up to see all MidWestOne Bank competitors and their valuation data. Start Free Trial | |||||||
Common questions about MidWestOne Bank
| When was MidWestOne Bank founded? | MidWestOne Bank was founded in 1983. |
| Where is MidWestOne Bank headquartered? | MidWestOne Bank is headquartered in Iowa City, IA, United States. |
| Is MidWestOne Bank publicly listed? | No, MidWestOne Bank was acquired by Nicolet Bankshares in October 2025. |
| Who acquired MidWestOne Bank? | MidWestOne Bank was acquired by Nicolet Bankshares in October 2025. |
| How much was MidWestOne Bank acquired for? | MidWestOne Bank was acquired for $864M in October 2025, a 3.6x revenue multiple. |
| How much funding has MidWestOne Bank raised? | MidWestOne Bank has raised $8M across 1 funding round. |
| What was MidWestOne Bank's last funding round? | MidWestOne Bank's last funding round was a $8M Series A in June 2015. |
| Which companies are comparable to MidWestOne Bank? | Companies comparable to MidWestOne Bank include Great Southern Bancorp, Lesha Bank, Equitas Small Finance Bank, Eagle Bancorp, China Wanxiang Holding and WeBank. |
| How many companies has MidWestOne Bank acquired? | MidWestOne Bank has acquired 2 companies, including Lowa First Bancshares Corp and ATBancorp. |
| What was the largest acquisition by MidWestOne Bank? | The $153M acquisition of ATBancorp in May 2019 is the largest acquisition MidWestOne Bank has made to date. |
See companies similar to MidWestOne Bank
Start Your
Free Trial Today
Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.




