MOFG - MidWestOne Financial to acquire Iowa First Bancshares for ~$47.6M

MidWestOne Financial Group (NASDAQ:MOFG) is acquiring Iowa First Bancshares (OTCPK:IOFB)  for ~$47.6M. The combined company will have ~$6.2B in total assets with over 60 banking offices throughout Iowa, Minnesota, Wisconsin, Florida and Colorado. MidWestOne CEO Charles Funk said “This is a natural extension of the MidWestOne geographic footprint as we increase our market presence in Muscatine and Jefferson Counties." As of September 30, 2021, First National Bank of Muscatine had ~$361.6M in total assets with $315.9M in deposits, and $203.9M in total loans. As of September 30, 2021, First National Bank in Fairfield had ~$157.6M in total assets with $137.4M in deposits, and $100.0M in total loans, net. MidWestOne expects the transaction to be ~14.4% accretive to its EPS in 2022 and 10.8% accretive in 2023. The transaction is expected to be approximately 0.70% dilutive to tangible book value per share at closing. The definitive merger agreement has been unanimously approved by

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MidWestOne Financial to acquire Iowa First Bancshares for ~$47.6M