MidWestOne Financial Group

Last updated
MidWestOne Financial Group, Inc.
Company type Public
Nasdaq:  MOFG
Russell 2000 Component
Industry Banking
Founded1983;42 years ago (1983)
Headquarters Iowa City, Iowa, U.S.
Key people
 Charles N. Reeves (CEO)
Barry S. Ray (CFO) [1]
RevenueIncrease2.svg $0.049 billion (2019) [2]
Increase2.svg $0.0436 billion (2019) [2]
Total assets Increase2.svg $4.653 billion (2019) [2]
Total equity Increase2.svg $0.508 billion (2019) [2]
Number of employees
802 [1]
Website midwestone.bank

MidWestOne Financial Group, Inc. is a bank holding company headquartered in Iowa City, Iowa. The bank operates 56 branches. [1] It is the 3rd largest bank headquartered in Iowa. It operates in Iowa, Minnesota, Wisconsin, Colorado, and Florida. [1]

Contents

History

The subsidiary bank was formed in 1934 as the Iowa State Bank & Trust Company in Iowa City, Iowa by Ben S. Summerwill. [3]

In 1983, ISB Financial Corp. was established as a closely held bank holding company for Iowa State Bank & Trust Company.

In March 2008, ISB Financial Corp. merged with MidWestOne Financial Group, Inc. and took MidWestOne Financial Group, Inc. as the name of the company. [4]

In April 2011, then-chairman W. Richard Summerwill retired. [5]

In May 2015, the bank acquired Central Bancshares of Golden Valley, Minnesota for $134 million in cash and stock. [6]

In 2017, the bank opened its first branch in Denver, Colorado. [7]

In June 2018, Barry S. Ray was hired as the Chief Financial Officer.

In November 2022, Charles N. Reeves was hired as the Chief Executive Officer.

Merger

On October 23, 2025, it was announced that MidWestOne would merge with Nicolet Bank. [8]


References

  1. 1 2 3 4 "MidWestOne Financial Group, Inc. 2016 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. 1 2 3 4 "MidWestOne Financial Group, Inc. Reports Results for the Fourth Quarter and Full Year of 2019 Form 8-K". U.S. Securities and Exchange Commission.
  3. ↑ Ford, George (February 13, 2011). "Retiring banker says next crisis not matter of if, but when". The Gazette .
  4. ↑ Stempel, Jonathan (September 12, 2007). "ISB, MidWestOne in $96.5 mln Iowa bank merger". Reuters .
  5. ↑ Ford, George (January 20, 2011). "MidwestOne chairman Summerwill retiring, successor named". The Gazette .
  6. ↑ Davis, Paul (November 21, 2014). "MidWestOne in Iowa to Buy Central Bank in Minn. for $134M". American Banker .(subscription required)
  7. ↑ "MidWestOne to open Denver office". The Gazette . February 22, 2017.
  8. ↑ https://www.midwestone.bank/notifications/midwestone-enters-merger-agreement-with-nicolet-bank
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