MOFG - MidWestOne Financial Group Inc. Completes Acquisition of Denver Bankshares Inc. | Benzinga
IOWA CITY, Iowa, Feb. 02, 2024 (GLOBE NEWSWIRE) -- MidWestOne Financial Group, Inc. (NASDAQ:MOFG) ("MidWestOne" or the "Company"), parent company of MidWestOne Bank (the "Bank"), today announced the completion of its acquisition of Denver Bankshares, Inc. ("DNVB"), parent company of the Bank of Denver, effective January 31, 2024. Immediately following completion of the acquisition, the Bank of Denver was merged with and into the Bank.
Under the terms of the merger agreement, DNVB shareholders received $462.42 in cash in exchange for each share of DNVB stock. The value of the total deal consideration was $32.6 million.
With the addition of DNVB, on a pro forma basis, MidWestOne would have total assets of approximately $6.7 billion, total loans held for investment of $4.3 billion, and total deposits of $5.6 billion as of December 31, 2023 (unaudited and excluding acquisition accounting adjustments).
MidWestOne received financial advisory services from Piper Sandler & Co., and Barack Ferrazzano Kirschbaum & Nagelberg LLP served as legal counsel. DNVB received financial advisory services from Olsen Palmer LLC, and Spierer, Woodward, Corbalis & Goldberg served as legal counsel.
About MidWestOne Financial Group, Inc.
MidWestOne Financial Group, Inc. is a financial holding company headquartered in Iowa City, Iowa. MidWestOne is the parent company of MidWestOne Bank, which operates banking offices in Iowa, Minnesota, Wisconsin, Florida, and Colorado. MidWestOne provides electronic delivery of financial services through its website, MidWestOne.bank. MidWestOne Financial Group, Inc. trades on the Nasdaq Global Select Market under the symbol "MOFG".
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