Wisconsin-based Nicolet Bankshares is expanding in the home market with the purchase of County Bancorp and its wholly-owned banking subsidiary Investors Community Bank for nearly $219m.
Details of the deal
Nicolet will be the surviving entity in the merger deal.
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As per agreed terms, County shareholders will be entitled to either cash of $37.18 or 0.48 shares of Nicolet common stock for each share held. The deal consideration will include around 20% cash and nearly 80% Nicolet common stock.
The merged entity will have $7.5bn in assets, $6.3bn in deposits, and $4.9bn in loans, based on Q1 2021 financial results. These figures also includes the assets of Mackinac Financial, which Nicolet took over this April.
The deal has already been cleared by the two firms’ boards and now awaits the nod of shareholders and regulators.
Investors’ existing branch at 960 Hansen Rd., Green Bay will shut down and merge with continued service out of the legacy Nicolet office at 2363 Holmgren Way, Green Bay upon deal completion.
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By GlobalDataOther branches of Investors are also expected to become Nicolet branches.
Nicolet chairman Bob Atwell said: “While some could view this as merely a market infill deal that diversifies our lending revenue, we believe it is more accurate to say this transaction better aligns our lending portfolio with the economic structure of our region.”
County focuses on offering financial services to agricultural businesses. It also caters to retail and business customers across Wisconsin, primarily in northeastern and central Wisconsin.
Management changes
Following deal completion in the final quarter of this year, an existing member of County’s board of directors will join the Nicolet and Nicolet National Bank boards.
As part of the deal, County president Tim Schneider will move to Nicolet in the role of senior vice president, Agriculture Lending Manager.
Schneider called Nicolet a ‘like-minded partner’ with ‘similar cultures and values’.
“With the added scale and capital of Nicolet, this partnership will rapidly accelerate our ability to serve existing customers and build new relationships,” Schneider stated.
Nicolet Bankshares is the parent of Nicolet National Bank, which has branches in Northeast and Central Wisconsin and the upper peninsula of Michigan.
