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 acquisition price

$864M

Acquired by Nicolet Bankshares · Oct 2025

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

MidWestOne Bank Overview

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

United StatesIowa City, IA

Status

Acquired

Customer focus

B2C & B2B

Revenue model

Services

Revenue

$239M (Oct 2025)

Valuation

$864M (acquired Oct 2025)

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.

MidWestOne Bank acquisition details
AcquirerDateTypePriceEV/Revenue
23 Oct 2025Strategic M&A$864M3.6x

MidWestOne Bank Funding History

MidWestOne Bank has raised a total of $8M across 1 funding round.

MidWestOne Bank funding rounds

MidWestOne Bank funding rounds
DateStageRaised
Jun 2015Series A$8M

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Acquisitions 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

Lowa First Bancshares Corp
ATBancorp
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 CountryUnited StatesUnited States
HQ City
Muscatine, IA
Dubuque, IA
Deal Date2 Nov 20211 May 2019
Valuation$48M$153M
EV/Revenue
EV/EBITDA

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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.

Public and private companies comparable to MidWestOne Bank
CompanyHQStatusRevenueValuationRevenue Multiple
Great Southern BancorpUnited StatesUnited StatesPublicly listed$229M$865M3.8x
Lesha BankQatarQatarPublicly listed$100M$866M-
Equitas Small Finance BankIndiaIndiaPublicly listed$448M$861M1.7x
Eagle BancorpUnited StatesUnited StatesPublicly listed$299M$860M2.9x
China Wanxiang HoldingChinaHangzhouPrivate-$819M-
WeBankChinaShenzhenPrivate-$941M-
Last FYEV/RevenueEV/EBITDA
RevenueLast FYLTM2027ELast FYLTM2027E
Great Southern Bancorp$229M3.8x3.8x--
Lesha Bank$100M8.7x---
Equitas Small Finance Bank$448M1.9x1.7x--
Eagle Bancorp$299M2.9x2.9x--
Capital City Bank Group$244M3.5x3.1x--
Stanbic Holdings$297M2.9x---
Bank of The RyukyusLtd$433M2.0x1.7x--
Banco Patagonia$888M1.0x---

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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.

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