Nicolet Bankshares, Inc. Surveillance Report

Company Profile

Founded in 2000, Nicolet Bankshares, Inc. (NYSE: NIC) (“Nicolet” or “the company”) is the holding company for Green Bay, Wisconsin-based Nicolet National Bank (“the bank”), which is a commercially-focused community bank that operates 57 branches throughout rural and smaller urban markets of WI and Northern MI, and more recently expanded into the suburbs of the Twin Cities, MN through an acquisition and opened a branch in Naples, FL to follow customer migration to the region.
The growth strategy has been largely acquisitive in recent years, with eight completed transactions since 2013, which have added ~$7 billion in assets. NIC’s most recent acquisition of Charter Bankshares, Inc., closed in 3Q22, added ~$1 billion in assets and expanded the company into western WI and into MN. Moving forward, management continues to evaluate the industry for potential acquisitions, albeit selectively. Meanwhile, it is confident in organic growth opportunities arising…

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