MidWestOne Financial Group has actually consented to purchase Iowa First Bancshares, a holding business with 2 banks in the Hawkeye State, for $47.6 million.
MidWestOne, in Iowa City, would grow to $6.2 billion of properties from $5.9 billion at Sept. 30 if regulators authorize the offer. The business anticipates to finish it in the very first quarter.
MidWestOne likewise has workplaces in Minnesota, Wisconsin, Florida and Colorado. But the arrangement would enable it to broaden into 2 growing counties in its house state with the addition of First National Bank of Muscatine and First National Bank in Fairfield.
Both of those banks “have been longtime pillars in their respective communities. Each has a strong deposit franchise and a long history of service in their markets,” MidWestOne CEO Charles Funk stated in a news release revealing the offer Monday.
Buying Iowa First is anticipated to increase MidWestOne’s incomes per share by more than 14% next year, leaving out acquisition-related expenses, the business stated.
Through its 2 banks, Iowa First runs 5 banking workplaces in the state. Its chairman and CEO, D. Scott Ingstad, stated in the release that it discovered an “ideal partner in MidWestOne.”
“It marks the culmination of our search for a like-minded partner to strengthen and secure our presence in Muscatine and Fairfield, provide additional support and resources to our organization for continued growth, and offer our valued employees a path to long-term success,” he stated.