MidWestOne Financial Group, Inc. Completes Acquisition of Denver Bankshares, Inc.
03 2월 2024 - 6:15AM
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”.
Cautionary Note Regarding Forward
Looking StatementsCertain statements contained in this
presentation that are not statements of historical fact constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995 that are subject to risks
and uncertainties and are made pursuant to the safe harbor
provisions of Section 27A of the Securities Act and Section 21E of
the Exchange Act. These forward-looking statements may include
information about MidWestOne’s possible or assumed future economic
performance or future results of operations, including MidWestOne’s
future revenues, income, expenses, provision for loan losses,
provision for taxes, effective tax rate, earnings per share and
cash flows, and MidWestOne’s future capital expenditures and
dividends, future financial condition and changes therein,
including changes in MidWestOne’s loan portfolio and allowance for
loan losses, future capital structure or changes therein, as well
as the plans and objectives of management for MidWestOne’s future
operations, future or proposed acquisitions, the future or expected
effect of acquisitions on MidWestOne’s operations, results of
operations, financial condition, and future economic performance,
statements about the benefits of the merger, and the statements of
the assumptions underlying any such statement. Such statements are
typically, but not exclusively, identified by the use in the
statements of words or phrases such as “aim”, “anticipate”,
“estimate”, “expect”, “goal”, “guidance”, “intend”, “is
anticipated”, “is expected”, “is intended”, “objective”, “plan”,
“projected”, “projection”, “will affect”, “will be”, “will
continue”, “will decrease”, “will grow”, “will impact”, “will
increase”, “will incur”, “will reduce”, “will remain”, “will
result”, “would be”, variations of such words or phrases (including
where the word “could”, “may”, or “would” is used rather than the
word “will” in a phrase) and similar words and phrases indicating
that the statement addresses some future result, occurrence, plan
or objective. The forward-looking statements that MidWestOne makes
are based on our current expectations and assumptions regarding
MidWestOne’s business, the economy, and other future conditions.
Because forward-looking statements relate to future results and
occurrences, they are subject to inherent uncertainties, risks, and
changes in circumstances that are difficult to predict. Many
possible events or factors could affect MidWestOne’s future
financial results and performance and could cause those results or
performance to differ materially from those expressed in the
forward-looking statements. Such risks and uncertainties include,
among others: the outcome of any legal proceedings that may be
instituted against MidWestOne, the possibility that the anticipated
benefits of the merger are not realized when expected or at all,
including as a result of the impact of, or problems arising from,
the integration of the two companies or as a result of the strength
of the economy and competitive factors in the areas where
MidWestOne does business, the possibility that the merger may be
more expensive to complete than anticipated, including as a result
of unexpected factors or events, diversion of management’s
attention from ongoing business operations and opportunities,
potential adverse reactions or changes to business or employee
relationships, including those resulting from the completion of the
merger and MidWestOne’s ability to complete the integration of DNVB
successfully. MidWestOne disclaims any obligation to update such
factors or to publicly announce the results of any revisions to any
of the forward-looking statements included herein to reflect future
events or developments. Further information on MidWestOne, and
factors which could affect the forward-looking statements contained
herein can be found in MidWestOne’s Annual Report on Form 10-K for
the fiscal year ended December 31, 2022, its Quarterly Report on
Form 10-Q for the three-month and nine-month period ended September
30, 2023 and its other filings with the SEC.
Category: Financial
This news release may be downloaded
from https://www.midwestonefinancial.com/corporate-profile/default.aspx
Source: MidWestOne Financial Group, Inc.
Industry: Banks
Contact: |
|
Charles N. Reeves |
Barry S. Ray |
Chief Executive Officer |
Chief Financial Officer |
319.356.5800 |
319.356.5800 |
MidWestOne Financial (NASDAQ:MOFG)
과거 데이터 주식 차트
부터 4월(4) 2024 으로 5월(5) 2024
MidWestOne Financial (NASDAQ:MOFG)
과거 데이터 주식 차트
부터 5월(5) 2023 으로 5월(5) 2024