MidWestOne Financial Group has concluded its previously announced acquisition of ATBancorp in a deal valuing around $152.9m.
As a part of the deal, ATBancorp subsidiaries American Trust & Savings Bank and American Bank & Trust-Wisconsin have been merged into MidWestOne’s MidWestOne Bank.
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In August last year, MidWestOne signed the deal to acquire ATBancorp to bolster its presence in Iowa and Wisconsin.
Under the deal, ATBancorp shareholders received 117.55 shares of MidWestOne stock and $992.51 against each ATBancorp share.
MidWestOne president and CEO Charles Funk said: “It is exciting to welcome our new teammates from ATBancorp into our company. We share the same values and goals in terms of service to our customers and communities and this begins an exciting new chapter for MidWestOne.”
Following the deal completion, MidWestOne has more than $4.7bn in total assets. The combined lender has 62 branches throughout Iowa, Minnesota, Wisconsin, Colorado and Florida.
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By GlobalDataMidWestOne also appointed Richard Hartig and Douglas Greeff from ATBancorp to its board.
On the ATBancorp acquisition deal, MidWestOne was advised by Piper Jaffray and Shapiro Bieging Barber Otteson.
At the time of announcing the deal, ATBancorp chairman and president Nicholas Schrup III said: “As part of the MidWestOne team, we will continue to provide the highly personalised experience our clients have come to expect while providing these clients with an expanded suite of products and services.”
