These forward-looking statements may include information about MidWest One’s possible or assumed future economic performance or future results of operations, including MidWest One’s future revenues, income, expenses, provision for loan losses, provision for taxes, effective tax rate, earnings per share and cash flows, and MidWest One’s future capital expenditures and dividends, future financial condition and changes therein, including changes in MidWest One’s loan portfolio and allowance for loan losses, future capital structure or changes therein, as well as the plans and objectives of management for MidWest One’s future operations, future or proposed acquisitions, the future or expected effect of acquisitions on MidWest One’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. MidWest One trades on the Nasdaq Global Select Market under the symbol “MOFG”.Ĭertain statements contained in this release 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. MidWest One provides electronic delivery of financial services through its website, MidWest One.bank. MidWest One is the parent company of MidWest One Bank, which operates banking offices in Iowa, Minnesota, Wisconsin, Florida, and Colorado. MidWest One is a financial holding company headquartered in Iowa City, Iowa. IOFB received financial advisory services from Hovde Group LLC, and Barack Ferrazzano Kirschbaum & Nagelberg LLP served as legal counsel. MidWest One received financial advisory services from Piper Sandler & Co., and Otteson Shapiro LLP served as legal counsel. With the addition of IOFB, on a pro forma combined basis, MidWest One would have total assets of approximately $6.5 billion, total loans held for investment of $3.5 billion, and total deposits of $5.5 billion as of Ma(unaudited and excluding acquisition accounting adjustments). Because IOFB’s closing tangible book value was less than $50.0 million as of the applicable date, the total consideration was reduced accordingly and both the total consideration and the per share consideration that IOFB shareholders received as described above reflect that reduction. Pursuant to the merger agreement, the total consideration paid to all IOFB shareholders was subject to a reduction if IOFB’s closing tangible book value was less than $50.0 million. The value of the total deal consideration was approximately $46.7 million. Under the terms of the merger agreement, IOFB shareholders received $42.14 in cash in exchange for each share of IOFB stock. Immediately following completion of the acquisition, First National Bank of Muscatine and First National Bank in Fairfield were merged with and into the Bank. (OTC Pink: IOFB) (“IOFB”), parent company of First National Bank of Muscatine and First National Bank in Fairfield, effective June 9, 2022. (NASDAQ: MOFG) (“MidWest One”), parent company of MidWest One Bank (the “Bank”), today announced the completion of its acquisition of Iowa First Bancshares Corp. IOWA CITY, Iowa, J(GLOBE NEWSWIRE) - MidWest One Financial Group, Inc.
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