Nicolet Bankshares, Inc. Completes Merger with MidWestOne Financial Group, Inc.

Key Terms

system conversion technical

System conversion is the process of replacing or migrating an organization’s computer systems, software, or operational platforms with new ones — for example moving to a different accounting, inventory, or clinical records system. Investors care because conversions can be expensive and disruptive, affecting revenue, costs, compliance and customer access; think of it like renovating a kitchen while you still need to cook, where delays or mistakes can interrupt normal business and change near‑term results.

digital banking platform technical

A digital banking platform is the software and online services that let customers open accounts, make payments, get loans and manage money through websites or mobile apps instead of visiting a branch. For investors, it matters because a strong platform can attract and keep customers, lower operating costs, and enable new revenue streams—think of it as a bank’s digital storefront that determines how easily people use and stick with its services.

GREEN BAY, Wis.--(BUSINESS WIRE)-- Nicolet Bankshares, Inc. (NYSE: NIC) (“Nicolet”) completed its merger with MidWestOne Financial Group, Inc., (“MidWestOne”), as a result of which, MidWestOne merged with and into Nicolet, with Nicolet being the surviving corporation. MidWestOne Bank will operate as a division of Nicolet National Bank until the planned system conversion in August 2026. At that time, all 50+ MidWestOne locations will transition to the Nicolet brand and digital banking platform, expanding Nicolet’s presence in Iowa, the Twin Cities, Western Wisconsin, and Denver.

Based on initial financial data, the addition of MidWestOne added approximately $6 billion in assets to increase Nicolet’s total assets to approximately $15 billion. Total loans of the combined company will increase to approximately $11 billion and total deposits will increase to approximately $13 billion.

Mike Daniels, Chairman, President, and CEO of Nicolet, said, “The completion of this merger represents an important milestone in Nicolet’s disciplined growth strategy. MidWestOne is a strong cultural and strategic fit, and this combination enhances our ability to serve customers across our expanded footprint while maintaining the local decision making that defines our model of shared success.”

Following the closing, four members of MidWestOne’s former Board of Directors (Tracy McCormick, Carl Chaney, Janet Godwin, and Matthew Hayek) will join eight existing members of Nicolet’s and Nicolet National Bank’s Board of Directors (Mr. Daniels, Robert Atwell, John Dykema, Donald Long, Jr., Pierce Smith, Susan Merkatoris, Glen Tellock, and Robert Weyers).

ABOUT NICOLET BANKSHARES, INC. Nicolet Bankshares, Inc. is a bank holding company of Nicolet National Bank, a growing, full-service, community bank providing services ranging from commercial, agricultural and consumer banking to wealth management and retirement plan services. Founded in Green Bay in 2000, Nicolet National Bank operates branches primarily in Wisconsin, Michigan, Minnesota, and Iowa. More information can be found at www.nicoletbank.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260217276649/en/

Investor Relations & Media Contacts:

Nicolet:

Mike Daniels, Chairman, President & CEO

Jeff Gahnz, SVP-Marketing & Public Relations

Phone: 920.430.1400

Email: mdaniels@nicoletbank.com

Email: jgahnz@nicoletbank.com

Source: Nicolet Bankshares, Inc.